Conagra Brands (NYSE:CAG) Cut to Neutral at The Goldman Sachs Group

Conagra Brands (NYSE:CAG) was downgraded by investment analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report released on Monday, Marketbeat.com reports. They currently have a $26.00 price target on the stock, down from their prior price target of $33.00. The Goldman Sachs Group’s price objective would suggest a potential downside of 0.44% from the stock’s current price.

Other analysts have also issued reports about the stock. Wells Fargo & Company cut their target price on shares of Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Citigroup cut their target price on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th. Bank of America cut their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a research report on Friday, December 20th. Finally, Stifel Nicolaus dropped their price target on shares of Conagra Brands from $28.00 to $26.00 and set a “hold” rating for the company in a research report on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Conagra Brands has an average rating of “Hold” and an average target price of $28.67.

Conagra Brands Stock Performance

Shares of CAG stock opened at $26.12 on Monday. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. Conagra Brands has a 52 week low of $23.06 and a 52 week high of $33.24. The firm has a market capitalization of $12.47 billion, a PE ratio of 25.60, a P/E/G ratio of 1.76 and a beta of 0.28. The company has a 50 day moving average price of $26.07 and a 200-day moving average price of $28.46.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. Conagra Brands’s revenue was down .4% compared to the same quarter last year. As a group, equities research analysts expect that Conagra Brands will post 2.35 earnings per share for the current year.

Hedge Funds Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its stake in Conagra Brands by 21,015.0% during the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after buying an additional 10,604,367 shares during the last quarter. Norges Bank bought a new position in Conagra Brands during the fourth quarter valued at approximately $168,877,000. Massachusetts Financial Services Co. MA bought a new position in Conagra Brands during the fourth quarter valued at approximately $110,704,000. Two Sigma Advisers LP boosted its stake in Conagra Brands by 106.4% during the third quarter. Two Sigma Advisers LP now owns 6,077,000 shares of the company’s stock valued at $197,624,000 after buying an additional 3,133,200 shares during the last quarter. Finally, Holocene Advisors LP bought a new position in Conagra Brands during the third quarter valued at approximately $65,932,000. Institutional investors own 83.75% of the company’s stock.

Conagra Brands Company Profile

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.