Conagra Brands (NYSE:CAG) Releases Fiscal 2023 Earnings Guidance


On Thursday, Conagra Brands (NYSE: CAG) updated its earnings forecast for fiscal 2023. The new guidance includes an increase. The company forecast earnings per share (EPS) of $2.38 to $2.48 for the quarter, lower than the projection the market had collectively stuck to, which was $2.42. The market collectively settled on $2.42 as the most likely outcome. The company’s internal financial forecast predicted a certain amount of revenue.
On October 6, Conagra Brands’ latest earnings report was released. The shares of this company are listed on the NYSE under the symbol CAG. The company reported earnings of $0.57 per share (EPS) for the prior quarter, $0.05 higher than the $0.52 average estimate provided by industry analysts. The company was estimated to generate $2.84 billion in revenue for the quarter. Still, the company brought in $2.90 billion, a significant increase from the expected amount. Conagra Brands return on equity was calculated at 13.40% and the company’s net margin at 4.88%. Compared to the same quarter of the previous year, Conagra Brands recorded a 9.5% increase in revenue generated during the quarter. The company’s earnings per share were $0.50 for the same period in the prior year’s financial statements. According to sell-side analyst projections, Conagra Brands is expected to report earnings of $2.44 per share for the current fiscal year, according to sell-side analyst projections.
Not so long ago, the company also announced that it would distribute a quarterly dividend, and the date set for this distribution is December 1st. On Thursday, November 3, dividend payments of $0.33 will be paid to shareholders who have been recorded as having ownership of the company as of that day. The date on which shareholders will no longer receive a dividend is November 2. Calculated on an annualized basis, this translates to a dividend payment of $1.32 per year and a dividend yield of 3.75%. Conagra Brands is reporting a payout percentage of 110.92% for its shareholders.
When trading began on Thursday, a share of CAG was selling for $35.24 per share. There is a current ratio of 0.78, a quick ratio of 0.24 and the debt ratio is 0.88. The company’s moving average over the past 50 days is $34.16, and its moving average over the past 200 days is also $34.16. The company’s stock price has a current market value of $16.89 billion, a price-to-earnings ratio of 29.61, a growth price-to-earnings ratio of 2.39, and a beta value of 0. 57. Conagra Brands stock had a 52-week low at $30.06, while it had a 52-week high at $36.97.
Comments from research analysts from various companies have been compiled and featured on the title. In a report released Friday, October 7, Deutsche Bank Aktiengesellschaft raised the price target for Conagra Brands from $32.00 to $33.00. The company has also assigned a holding rating to its stock, suggesting that it is not currently recommending selling the stock. On Thursday, October 6, TheStreet lowered its recommendation for the Conagra Brands stock from a b rating to a c+. Conagra Brands received more attention from due to the publication of an article on Wednesday, October 12, focusing on the company and its activities. They suggested that shareholders continue to keep their shares in the company. Finally, Credit Suisse Group assigned a neutral rating to Conagra Brands stock and lowered its price target from $36.00 to $35.00. These findings were published in a research report distributed on Friday, July 15.
Finally, Morgan Stanley lowered its price target on Conagra Brands shares from $36.00 to $34.00 while maintaining their equal weighting on the stock. The report containing the findings was made public on Friday 15 July. Seven of the eight financial experts surveyed gave the company a “holding” rating, while one of the experts recommended buying the company’s stock. According to Bloomberg, the current consensus for the company is to maintain a Hold rating, and the price target has been set at $35.14.
Separately, on Tuesday, October 18, Executive Vice President Carey Bartell sold 6,408 shares of the company. The price received for each share was $34.50 on average, bringing the total amount received from the sale of the share to $221,075.00. A legal document that was filed with the SEC and has since been posted online was used to notify the general public of the sale. On August 17, Chief Operating Officer Thomas M. McGough completed a transaction in which he sold 21,405 shares of the company. This is another development on this subject. The sale of the shares took place at an average price of $35.40 per share, which led to a total sale volume of $757,737.00. As a result of the transaction, the COO now owns 104,859 shares, which are worth approximately $3,712,008.60 in today’s market. If you follow this link, you will be redirected to the filing submitted to the Securities and Exchange Commission, where the transaction was discussed. You can just ignore this link if you don’t want to follow it.
Executive Vice President Carey Bartell also sold 6,408 shares of the company on Tuesday, October 18. Revenue was generated from the sale of a total of $221,076.00 of shares at an average price per share of $34.50, which earned revenue. Disclosures related to the sale can be found in this section of the website. Insiders of the company own 0.98% of the total number of shares outstanding.


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