Conagra Brands (CAG) Stock Declines While Market Improves: Some Information for Investors
Conagra Brands (CAG) closed the latest trading day at $28.45, indicating a -0.35% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 0.14% for the day. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 0.16%.
The the stock of company has risen by 1.17% in the past month, lagging the Consumer Staples sector's gain of 1.83% and the S&P 500's gain of 4.89%.
Investors will be eagerly watching for the performance of Conagra Brands in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 4, 2024. On that day, Conagra Brands is projected to report earnings of $0.67 per share, which would represent a year-over-year decline of 17.28%. Our most recent consensus estimate is calling for quarterly revenue of $3.24 billion, down 2.2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.68 per share and revenue of $12.28 billion, which would represent changes of -3.25% and +0.05%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Conagra Brands. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.03% decrease. At present, Conagra Brands boasts a Zacks Rank of #4 (Sell).
Investors should also note Conagra Brands's current valuation metrics, including its Forward P/E ratio of 10.67. This expresses a discount compared to the average Forward P/E of 17.07 of its industry.
Also, we should mention that CAG has a PEG ratio of 2.85. 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 2.38 at the close of the market yesterday.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Conagra Brands (CAG) : Free Stock Analysis Report
