Conagra Brands (CAG) Advances While Market Declines: Some Information for Investors
The most recent trading session ended with Conagra Brands (CAG) standing at $28.99, reflecting a +0.14% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.14%. Meanwhile, the Dow experienced a drop of 0.77%, and the technology-dominated Nasdaq saw an increase of 0.17%.
Shares of the company witnessed a gain of 2.37% over the previous month, beating the performance of the Consumer Staples sector with its gain of 1.07% and underperforming the S&P 500's gain of 5.34%.
The investment community will be paying close attention to the earnings performance of Conagra Brands in its upcoming release. The company is slated to reveal its earnings on April 4, 2024. On that day, Conagra Brands is projected to report earnings of $0.63 per share, which would represent a year-over-year decline of 17.11%. Our most recent consensus estimate is calling for quarterly revenue of $3.02 billion, down 2.3% from the year-ago period.
CAG's full-year Zacks Consensus Estimates are calling for earnings of $2.59 per share and revenue of $12.09 billion. These results would represent year-over-year changes of -6.5% and -1.51%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for Conagra Brands. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Currently, Conagra Brands is carrying a Zacks Rank of #4 (Sell).
In terms of valuation, Conagra Brands is currently trading at a Forward P/E ratio of 11.16. For comparison, its industry has an average Forward P/E of 17.5, which means Conagra Brands is trading at a discount to the group.
It is also worth noting that CAG currently has a PEG ratio of 3.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Food - Miscellaneous industry stood at 2 at the close of the market yesterday.
The Food - Miscellaneous industry is part of the Consumer Staples sector. Currently, this industry holds a Zacks Industry Rank of 77, positioning it in the top 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Conagra Brands (CAG) : Free Stock Analysis Report
