Conagra Brands (NYSE:CAG) Issues FY24 Earnings Guidance

Conagra Brands (NYSE:CAGGet Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.60-2.65 for the period, compared to the consensus estimate of $2.60.

Conagra Brands Stock Down 1.7 %

Shares of CAG stock opened at $29.06 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.31 and a current ratio of 0.91. The stock has a market cap of $13.89 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 3.14 and a beta of 0.42. The business’s fifty day moving average is $28.47 and its 200-day moving average is $28.32. Conagra Brands has a 1 year low of $25.16 and a 1 year high of $38.94.

Conagra Brands (NYSE:CAGGet Free Report) last posted its quarterly earnings results on Thursday, January 4th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. Conagra Brands had a return on equity of 14.78% and a net margin of 8.09%. The company had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. Equities analysts expect that Conagra Brands will post 2.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on CAG. Royal Bank of Canada decreased their price objective on Conagra Brands from $32.00 to $30.00 and set a sector perform rating for the company in a research report on Wednesday, January 3rd. Wells Fargo & Company initiated coverage on shares of Conagra Brands in a research report on Tuesday, December 12th. They set an equal weight rating and a $31.00 price objective on the stock. Evercore ISI downgraded shares of Conagra Brands from an outperform rating to an in-line rating and set a $32.00 target price for the company. in a research report on Monday, December 11th. Finally, Citigroup started coverage on shares of Conagra Brands in a report on Thursday, February 1st. They set a neutral rating and a $30.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $32.50.

Check Out Our Latest Analysis on Conagra Brands

Hedge Funds Weigh In On Conagra Brands

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in Conagra Brands by 235.5% in the fourth quarter. Wellington Management Group LLP now owns 39,904 shares of the company’s stock worth $1,144,000 after purchasing an additional 28,011 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Conagra Brands by 2,629.5% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 63,051 shares of the company’s stock valued at $1,807,000 after acquiring an additional 60,741 shares during the period. Public Employees Retirement System of Ohio raised its position in Conagra Brands by 2.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 199,283 shares of the company’s stock worth $5,711,000 after purchasing an additional 5,445 shares in the last quarter. Venture Visionary Partners LLC bought a new position in Conagra Brands during the fourth quarter worth about $641,000. Finally, Patrick Mauro Investment Advisor INC. boosted its holdings in Conagra Brands by 5.5% during the fourth quarter. Patrick Mauro Investment Advisor INC. now owns 157,159 shares of the company’s stock valued at $4,504,000 after purchasing an additional 8,152 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

About Conagra Brands

(Get Free Report)

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.

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Earnings History and Estimates for Conagra Brands (NYSE:CAG)

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