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Conagra Brands (CAG) Dips More Than Broader Markets: What You Should Know
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Conagra Brands (CAG - Free Report) closed at $33.67 in the latest trading session, marking a -1.23% move from the prior day. This change lagged the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 9.78%.
Coming into today, shares of the company had lost 0.67% in the past month. In that same time, the Consumer Staples sector gained 5.56%, while the S&P 500 gained 4.16%.
Conagra Brands will be looking to display strength as it nears its next earnings release, which is expected to be July 13, 2023. In that report, analysts expect Conagra Brands to post earnings of $0.60 per share. This would mark a year-over-year decline of 7.69%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 4.47% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Conagra Brands. 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. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.25% lower. Conagra Brands is currently a Zacks Rank #3 (Hold).
Investors should also note Conagra Brands's current valuation metrics, including its Forward P/E ratio of 12.03. For comparison, its industry has an average Forward P/E of 17.14, which means Conagra Brands is trading at a discount to the group.
Also, we should mention that CAG has a PEG ratio of 1.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CAG's industry had an average PEG ratio of 2.8 as of yesterday's close.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Dips More Than Broader Markets: What You Should Know
Conagra Brands (CAG - Free Report) closed at $33.67 in the latest trading session, marking a -1.23% move from the prior day. This change lagged the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 9.78%.
Coming into today, shares of the company had lost 0.67% in the past month. In that same time, the Consumer Staples sector gained 5.56%, while the S&P 500 gained 4.16%.
Conagra Brands will be looking to display strength as it nears its next earnings release, which is expected to be July 13, 2023. In that report, analysts expect Conagra Brands to post earnings of $0.60 per share. This would mark a year-over-year decline of 7.69%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.04 billion, up 4.47% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Conagra Brands. 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. 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.
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. Within the past 30 days, our consensus EPS projection has moved 0.25% lower. Conagra Brands is currently a Zacks Rank #3 (Hold).
Investors should also note Conagra Brands's current valuation metrics, including its Forward P/E ratio of 12.03. For comparison, its industry has an average Forward P/E of 17.14, which means Conagra Brands is trading at a discount to the group.
Also, we should mention that CAG has a PEG ratio of 1.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CAG's industry had an average PEG ratio of 2.8 as of yesterday's close.
The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.