Zacks: Analysts Anticipate Conagra Brands Inc (CAG) Will Post Quarterly Sales of $2.30 Billion

Equities analysts expect Conagra Brands Inc (NYSE:CAG) to announce $2.30 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Conagra Brands’ earnings, with the lowest sales estimate coming in at $2.16 billion and the highest estimate coming in at $2.43 billion. Conagra Brands posted sales of $2.17 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 6%. The business is expected to issue its next earnings report on Thursday, December 20th.

On average, analysts expect that Conagra Brands will report full year sales of $9.66 billion for the current financial year, with estimates ranging from $9.35 billion to $9.83 billion. For the next fiscal year, analysts forecast that the company will post sales of $11.32 billion, with estimates ranging from $11.27 billion to $11.40 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Conagra Brands.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, September 27th. The company reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). Conagra Brands had a net margin of 10.47% and a return on equity of 22.50%. The business had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the business posted $0.46 EPS. The firm’s revenue was up 1.7% on a year-over-year basis.

A number of research analysts recently commented on CAG shares. Jefferies Financial Group set a $44.00 price target on shares of Conagra Brands and gave the company a “buy” rating in a report on Friday, October 5th. JPMorgan Chase & Co. increased their price target on shares of Conagra Brands from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Citigroup lowered their price target on shares of Conagra Brands from $43.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, June 28th. Zacks Investment Research downgraded shares of Conagra Brands from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Finally, ValuEngine downgraded shares of Conagra Brands from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $42.78.

In related news, Director Thomas K. Brown purchased 7,092 shares of the firm’s stock in a transaction dated Friday, October 12th. The stock was purchased at an average price of $35.25 per share, with a total value of $249,993.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David S. Marberger purchased 2,836 shares of the firm’s stock in a transaction dated Friday, October 12th. The shares were bought at an average cost of $35.25 per share, with a total value of $99,969.00. Following the purchase, the chief financial officer now directly owns 12,721 shares of the company’s stock, valued at approximately $448,415.25. The disclosure for this purchase can be found here. Insiders have bought 24,112 shares of company stock valued at $849,948 in the last ninety days. Insiders own 0.92% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Fort L.P. purchased a new position in Conagra Brands during the second quarter valued at approximately $117,000. LFA Lugano Financial Advisors SA increased its holdings in Conagra Brands by 137.6% during the third quarter. LFA Lugano Financial Advisors SA now owns 5,153 shares of the company’s stock valued at $175,000 after buying an additional 2,984 shares during the period. Lucia Wealth Services LLC purchased a new position in Conagra Brands during the second quarter valued at approximately $184,000. Lincoln National Corp purchased a new position in Conagra Brands in the second quarter worth $200,000. Finally, Zacks Investment Management purchased a new position in Conagra Brands in the second quarter worth $203,000. 81.48% of the stock is currently owned by institutional investors.

Shares of NYSE:CAG traded up $0.47 during trading on Wednesday, reaching $35.34. The company’s stock had a trading volume of 5,946,874 shares, compared to its average volume of 4,188,130. The company has a current ratio of 0.84, a quick ratio of 0.39 and a debt-to-equity ratio of 0.85. Conagra Brands has a 12 month low of $32.81 and a 12 month high of $39.43. The company has a market cap of $13.30 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 1.92 and a beta of 0.31.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Wednesday, October 17th will be paid a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Tuesday, October 16th. Conagra Brands’s dividend payout ratio is presently 40.28%.

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.

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

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