Evercore ISI Initiates Coverage on Conagra Brands (NYSE:CAG)

Stock analysts at Evercore ISI initiated coverage on shares of Conagra Brands (NYSE:CAG) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $36.00 price target on the stock. Evercore ISI’s price target would indicate a potential upside of 21.83% from the stock’s previous close.

Several other research firms have also recently issued reports on CAG. Credit Suisse Group upped their price objective on Conagra Brands from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. ValuEngine raised Conagra Brands from a “strong sell” rating to a “sell” rating in a research report on Wednesday, April 10th. Morgan Stanley initiated coverage on Conagra Brands in a research report on Monday, May 20th. They set an “equal weight” rating and a $31.00 price objective for the company. SunTrust Banks initiated coverage on Conagra Brands in a research report on Tuesday, May 14th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Goldman Sachs Group set a $32.00 price objective on Conagra Brands and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $37.00.

NYSE:CAG opened at $29.55 on Tuesday. The stock has a market cap of $14.52 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.95 and a beta of 0.89. Conagra Brands has a 1 year low of $20.22 and a 1 year high of $39.43. The company has a quick ratio of 0.58, a current ratio of 1.31 and a debt-to-equity ratio of 1.49.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, March 21st. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Conagra Brands had a return on equity of 16.40% and a net margin of 6.99%. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.61 EPS. As a group, research analysts forecast that Conagra Brands will post 2.07 earnings per share for the current year.

In other news, Director Joie A. Gregor bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was purchased at an average cost of $29.99 per share, with a total value of $299,900.00. Following the transaction, the director now directly owns 145,440 shares in the company, valued at $4,361,745.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Ann Marshall sold 6,717 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $31.00, for a total value of $208,227.00. Following the completion of the sale, the director now directly owns 99,897 shares of the company’s stock, valued at $3,096,807. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Investors Research Corp acquired a new stake in Conagra Brands during the 1st quarter worth approximately $28,000. CSat Investment Advisory L.P. lifted its position in Conagra Brands by 101.4% during the 1st quarter. CSat Investment Advisory L.P. now owns 1,176 shares of the company’s stock worth $33,000 after acquiring an additional 592 shares during the period. Princeton Global Asset Management LLC acquired a new stake in Conagra Brands during the 4th quarter worth approximately $26,000. Capital Investment Advisory Services LLC acquired a new stake in Conagra Brands during the 4th quarter worth approximately $26,000. Finally, 1832 Asset Management L.P. acquired a new stake in Conagra Brands during the 4th quarter worth approximately $28,000. 88.58% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Conagra Brands (NYSE:CAG)

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