Conagra Brands (NYSE:CAG) Reaches New 12-Month Low – Here’s What Happened

Conagra Brands (NYSE:CAG) hit a new 52-week low on Wednesday . The stock traded as low as $15.05 and last traded at $15.1410, with a volume of 3703687 shares changing hands. The stock had previously closed at $15.56.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CAG. Jefferies Financial Group reduced their target price on Conagra Brands from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Thursday, December 11th. Wells Fargo & Company reiterated an “underweight” rating and issued a $15.00 price target (down from $20.00) on shares of Conagra Brands in a report on Thursday, March 12th. Royal Bank Of Canada reduced their price objective on Conagra Brands from $22.00 to $20.00 and set a “sector perform” rating for the company in a research note on Monday, December 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on Conagra Brands from $19.00 to $18.00 and set a “hold” rating for the company in a report on Monday, December 22nd. Finally, Zacks Research raised Conagra Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $18.57.

Conagra Brands Stock Down 3.1%

The company has a market cap of $7.21 billion, a price-to-earnings ratio of -68.52 and a beta of -0.02. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.28 and a current ratio of 0.89. The stock’s fifty day moving average is $18.04 and its two-hundred day moving average is $17.91.

Institutional Trading of Conagra Brands

Several institutional investors and hedge funds have recently modified their holdings of the stock. CYBER HORNET ETFs LLC purchased a new position in shares of Conagra Brands during the second quarter valued at approximately $26,000. Harbour Investments Inc. raised its position in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock valued at $27,000 after buying an additional 701 shares during the last quarter. True Wealth Design LLC raised its position in Conagra Brands by 844.4% in the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company’s stock valued at $29,000 after buying an additional 1,427 shares during the last quarter. MUFG Securities EMEA plc bought a new position in Conagra Brands during the 2nd quarter valued at $29,000. Finally, Spire Wealth Management lifted its stake in Conagra Brands by 249.0% during the 3rd quarter. Spire Wealth Management now owns 1,724 shares of the company’s stock valued at $32,000 after acquiring an additional 1,230 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other 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.