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Conagra Brands (CAG) Outpaces Stock Market Gains: What You Should Know
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Conagra Brands (CAG - Free Report) closed at $36.15 in the latest trading session, marking a +1.77% move from the prior day. This change outpaced the S&P 500's 0.89% gain on the day. Elsewhere, the Dow gained 1.2%, while the tech-heavy Nasdaq lost 0.68%.
Heading into today, shares of the company had lost 2.44% over the past month, outpacing the Consumer Staples sector's loss of 2.5% and the S&P 500's loss of 3.9% in that time.
Conagra Brands will be looking to display strength as it nears its next earnings release, which is expected to be April 5, 2023. On that day, Conagra Brands is projected to report earnings of $0.64 per share, which would represent year-over-year growth of 10.34%. Meanwhile, our latest consensus estimate is calling for revenue of $3.09 billion, up 6.16% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.66 per share and revenue of $12.36 billion. These totals would mark changes of +12.71% and +7.18%, respectively, from last year.
Any recent changes to analyst estimates for Conagra Brands should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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. The Zacks Consensus EPS estimate has moved 0.09% lower within the past month. Conagra Brands is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Conagra Brands is holding a Forward P/E ratio of 13.36. Its industry sports an average Forward P/E of 17.89, so we one might conclude that Conagra Brands is trading at a discount comparatively.
Also, we should mention that CAG has a PEG ratio of 2.14. 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. CAG's industry had an average PEG ratio of 2.61 as of yesterday's close.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 143, which puts it in the bottom 44% 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) Outpaces Stock Market Gains: What You Should Know
Conagra Brands (CAG - Free Report) closed at $36.15 in the latest trading session, marking a +1.77% move from the prior day. This change outpaced the S&P 500's 0.89% gain on the day. Elsewhere, the Dow gained 1.2%, while the tech-heavy Nasdaq lost 0.68%.
Heading into today, shares of the company had lost 2.44% over the past month, outpacing the Consumer Staples sector's loss of 2.5% and the S&P 500's loss of 3.9% in that time.
Conagra Brands will be looking to display strength as it nears its next earnings release, which is expected to be April 5, 2023. On that day, Conagra Brands is projected to report earnings of $0.64 per share, which would represent year-over-year growth of 10.34%. Meanwhile, our latest consensus estimate is calling for revenue of $3.09 billion, up 6.16% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.66 per share and revenue of $12.36 billion. These totals would mark changes of +12.71% and +7.18%, respectively, from last year.
Any recent changes to analyst estimates for Conagra Brands should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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. The Zacks Consensus EPS estimate has moved 0.09% lower within the past month. Conagra Brands is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Conagra Brands is holding a Forward P/E ratio of 13.36. Its industry sports an average Forward P/E of 17.89, so we one might conclude that Conagra Brands is trading at a discount comparatively.
Also, we should mention that CAG has a PEG ratio of 2.14. 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. CAG's industry had an average PEG ratio of 2.61 as of yesterday's close.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 143, which puts it in the bottom 44% 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.