Conagra Brands (CAG) Outpaces Stock Market Gains: What You Should Know
In the latest market close, Conagra Brands (CAG) reached $29.64, with a +0.51% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.11%. Elsewhere, the Dow gained 0.12%, while the tech-heavy Nasdaq lost 0.12%.
Prior to today's trading, shares of the company had gained 4.83% over the past month. This has outpaced the Consumer Staples sector's gain of 2.04% and the S&P 500's gain of 3.55% in that time.
Market participants will be closely following the financial results of Conagra Brands in its upcoming release. The company plans to announce its earnings on April 4, 2024. The company is expected to report EPS of $0.63, down 17.11% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.01 billion, down 2.37% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.59 per share and revenue of $12.09 billion, indicating changes of -6.5% and -1.53%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Conagra Brands. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.03% decrease. As of now, Conagra Brands holds a Zacks Rank of #4 (Sell).
Looking at its valuation, Conagra Brands is holding a Forward P/E ratio of 11.38. For comparison, its industry has an average Forward P/E of 17.62, which means Conagra Brands is trading at a discount to the group.
Meanwhile, CAG's PEG ratio is currently 3.14. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Food - Miscellaneous industry had an average PEG ratio of 2.01 as trading concluded yesterday.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% 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.
To follow CAG in the coming trading sessions, be sure to utilize Zacks.com.
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Conagra Brands (CAG) : Free Stock Analysis Report
