Wells Fargo & Company Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its target price lowered by stock analysts at Wells Fargo & Company from $14.00 to $13.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 3.57% from the stock’s previous close.

A number of other equities analysts have also commented on CAG. JPMorgan Chase & Co. cut their price target on shares of Conagra Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Stifel Nicolaus reduced their price target on Conagra Brands from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, April 21st. TD Cowen lowered their price objective on Conagra Brands from $18.00 to $14.00 and set a “hold” rating for the company in a research report on Wednesday, March 25th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Conagra Brands in a report on Friday, May 1st. Finally, Morgan Stanley decreased their target price on shares of Conagra Brands from $17.00 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $15.73.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $13.48 on Monday. The firm has a 50 day moving average of $15.26 and a 200-day moving average of $16.90. The stock has a market capitalization of $6.45 billion and a PE ratio of -135.04. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. Conagra Brands has a 12 month low of $13.42 and a 12 month high of $23.37.

Conagra Brands (NYSE:CAG) last issued its earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. On average, equities research analysts predict that Conagra Brands will post 1.7 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard H. Lenny acquired 25,000 shares of the company’s stock in a transaction on Tuesday, April 14th. The shares were acquired at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the purchase, the director owned 229,340 shares in the company, valued at approximately $3,288,735.60. The trade was a 12.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John J. Mulligan acquired 17,500 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were purchased at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the acquisition, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CAG. Bell Investment Advisors Inc boosted its holdings in Conagra Brands by 156.9% during the first quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock worth $26,000 after purchasing an additional 1,029 shares during the last quarter. CYBER HORNET ETFs LLC bought a new position in shares of Conagra Brands during the 2nd quarter worth approximately $26,000. Harbour Investments Inc. boosted its stake in shares of Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock worth $27,000 after buying an additional 701 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Conagra Brands in the 2nd quarter worth approximately $29,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Conagra Brands in the third quarter valued at approximately $33,000. 83.75% of the stock is owned by institutional investors.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.