Conagra Brands (CAG) Stock Sinks As Market Gains: What You Should Know
Conagra Brands (CAG) closed the latest trading day at $29.40, indicating a -0.31% change from the previous session's end. This change lagged the S&P 500's 0.59% gain on the day. Elsewhere, the Dow saw an upswing of 0.68%, while the tech-heavy Nasdaq appreciated by 0.66%.
Prior to today's trading, shares of the company had gained 4.95% over the past month. This has outpaced the Consumer Staples sector's gain of 1.96% and lagged the S&P 500's gain of 5.16% in that time.
The investment community will be closely monitoring the performance of Conagra Brands in its forthcoming earnings report. The company is scheduled to release its earnings on January 4, 2024. The company is expected to report EPS of $0.67, down 17.28% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.24 billion, down 2.14% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.68 per share and a revenue of $12.28 billion, signifying shifts of -3.25% and +0.05%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Conagra Brands. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.03% decrease. Conagra Brands is currently sporting a Zacks Rank of #4 (Sell).
Looking at valuation, Conagra Brands is presently trading at a Forward P/E ratio of 11.02. Its industry sports an average Forward P/E of 17.16, so one might conclude that Conagra Brands is trading at a discount comparatively.
Meanwhile, CAG's PEG ratio is currently 2.95. 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. By the end of yesterday's trading, the Food - Miscellaneous industry had an average PEG ratio of 2.49.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Conagra Brands (CAG) : Free Stock Analysis Report
