Conagra Brands Inc (CAG) Expected to Post Quarterly Sales of $1.94 Billion

Equities analysts expect that Conagra Brands Inc (NYSE:CAG) will post $1.94 billion in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Conagra Brands’ earnings. The highest sales estimate is $1.96 billion and the lowest is $1.93 billion. Conagra Brands reported sales of $1.86 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 4.3%. The firm is scheduled to issue its next earnings report before the market opens on Thursday, June 28th.

On average, analysts expect that Conagra Brands will report full-year sales of $7.91 billion for the current financial year, with estimates ranging from $7.90 billion to $7.93 billion. For the next fiscal year, analysts expect that the firm will report sales of $8.04 billion per share, with estimates ranging from $7.99 billion to $8.10 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Conagra Brands.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, March 22nd. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.05. Conagra Brands had a return on equity of 21.08% and a net margin of 11.36%. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the firm posted $0.48 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis.

Several equities research analysts recently weighed in on CAG shares. Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Thursday, February 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $44.00 target price on shares of Conagra Brands in a report on Thursday, March 22nd. UBS Group lifted their target price on Conagra Brands from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Friday, March 23rd. JPMorgan Chase & Co. reduced their target price on Conagra Brands from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Friday, March 23rd. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $46.00 target price on shares of Conagra Brands in a report on Friday, March 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $41.78.

CAG traded up $0.25 during trading hours on Monday, hitting $38.20. The stock had a trading volume of 1,778,500 shares, compared to its average volume of 3,052,475. Conagra Brands has a 1 year low of $32.16 and a 1 year high of $39.42. The firm has a market cap of $15.09 billion, a P/E ratio of 21.90, a price-to-earnings-growth ratio of 2.04 and a beta of 0.30. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.52 and a current ratio of 1.03.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 31st. Stockholders of record on Monday, April 30th were issued a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, April 27th. Conagra Brands’s payout ratio is 48.85%.

In other news, SVP Robert G. Wise sold 5,908 shares of the business’s stock in a transaction dated Wednesday, April 4th. The stock was sold at an average price of $37.12, for a total transaction of $219,304.96. Following the completion of the transaction, the senior vice president now owns 22,781 shares of the company’s stock, valued at $845,630.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction dated Monday, March 26th. The stock was sold at an average price of $35.86, for a total value of $216,809.56. The disclosure for this sale can be found here. Insiders have sold 24,046 shares of company stock valued at $885,695 in the last three months. 0.79% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Pitcairn Co. lifted its position in Conagra Brands by 19.1% in the 1st quarter. Pitcairn Co. now owns 8,464 shares of the company’s stock worth $312,000 after buying an additional 1,358 shares during the last quarter. Eos Focused Equity Management L.P. lifted its position in Conagra Brands by 1.7% in the 1st quarter. Eos Focused Equity Management L.P. now owns 85,289 shares of the company’s stock worth $3,145,000 after buying an additional 1,397 shares during the last quarter. Hunter Associates Investment Management LLC lifted its position in Conagra Brands by 11.3% in the 4th quarter. Hunter Associates Investment Management LLC now owns 13,835 shares of the company’s stock worth $521,000 after buying an additional 1,400 shares during the last quarter. Azimuth Capital Management LLC lifted its position in Conagra Brands by 9.7% in the 1st quarter. Azimuth Capital Management LLC now owns 18,092 shares of the company’s stock worth $667,000 after buying an additional 1,600 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Conagra Brands by 1.4% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 122,839 shares of the company’s stock worth $4,530,000 after buying an additional 1,660 shares during the last quarter. Institutional investors own 76.72% of the company’s stock.

Conagra Brands Company Profile

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

Get a free copy of the Zacks research report on Conagra Brands (CAG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Conagra Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Conagra Brands and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply