Conagra Brands (NYSE:CAG) Given New $29.00 Price Target at JPMorgan Chase & Co.

Conagra Brands (NYSE:CAG) had its price objective dropped by research analysts at JPMorgan Chase & Co. from $30.00 to $29.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 4.39% from the company’s previous close.

CAG has been the topic of a number of other reports. Bank of America lowered their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. Citigroup lowered their price target on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 11th. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Wells Fargo & Company reduced their price objective on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a report on Friday, December 20th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.56.

Conagra Brands Stock Performance

CAG stock traded up $0.11 during midday trading on Friday, reaching $27.78. The stock had a trading volume of 748,043 shares, compared to its average volume of 3,118,966. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The firm has a fifty day simple moving average of $27.84 and a two-hundred day simple moving average of $29.42. The stock has a market cap of $13.26 billion, a PE ratio of 26.97, a P/E/G ratio of 2.91 and a beta of 0.31. Conagra Brands has a 52-week low of $26.21 and a 52-week high of $33.24.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.71 EPS. As a group, equities research analysts anticipate that Conagra Brands will post 2.58 EPS for the current year.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of CAG. Hexagon Capital Partners LLC boosted its holdings in Conagra Brands by 82.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after purchasing an additional 420 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in Conagra Brands in the third quarter worth $47,000. Kennebec Savings Bank acquired a new stake in Conagra Brands in the third quarter valued at $59,000. Quarry LP boosted its holdings in Conagra Brands by 229.7% during the third quarter. Quarry LP now owns 1,820 shares of the company’s stock worth $59,000 after buying an additional 1,268 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd raised its holdings in Conagra Brands by 27,057.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,901 shares of the company’s stock worth $62,000 after purchasing an additional 1,894 shares during the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

About Conagra Brands

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.