Conagra Brands (CAG) Outpaces Stock Market Gains: What You Should Know
The most recent trading session ended with Conagra Brands (CAG) standing at $29.49, reflecting a +0.55% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily gain of 0.45%.
Market participants will be closely following the financial results of Conagra Brands in its upcoming release. The company plans to announce its earnings on January 4, 2024. In that report, analysts expect Conagra Brands to post earnings of $0.67 per share. This would mark a year-over-year decline of 17.28%. Our most recent consensus estimate is calling for quarterly revenue of $3.24 billion, down 2.14% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.68 per share and a revenue of $12.28 billion, representing changes of -3.25% and +0.05%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Conagra Brands. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.03% lower. Right now, Conagra Brands possesses a Zacks Rank of #4 (Sell).
In terms of valuation, Conagra Brands is presently being traded at a Forward P/E ratio of 10.96. This valuation marks a discount compared to its industry's average Forward P/E of 17.29.
Also, we should mention that CAG has a PEG ratio of 2.93. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Food - Miscellaneous stocks are, on average, holding a PEG ratio of 2.48 based on yesterday's closing prices.
The Food - Miscellaneous industry is part of the Consumer Staples sector. Currently, this industry holds a Zacks Industry Rank of 92, positioning it in the top 37% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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
