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MarketScreener Homepage  >  Equities  >  Nyse  >  ConAgra Brands    CAG

CONAGRA BRANDS

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Investors Pardon Recent Earnings Slips

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07/15/2019 | 11:46am EDT

By Corrie Driebusch

Second-quarter earnings are shaping up to be a challenge, but the stock trajectories of some companies that have already reported show that investors are forgiving.

A handful of companies that reported disappointing earnings in June are now in a surprising place -- their shares are near or above their levels prior to reporting results. Shares of Conagra Brands Inc., General Mills Inc. and Broadcom Inc. all tumbled as a result of lowered guidance, squeezed profits or struggling sales. They've since bounced back, suggesting to some analysts that the market may be understanding of the global growth and trade issues plaguing many U.S. companies.

"Some believe the 'earnings apocalypse' is upon us, with negative [earnings per share] revisions on the rise. However, the initial reactions...suggest this season is shaping up to be a time of forgiveness," wrote Wells Fargo Securities senior analyst Christopher Harvey in a note on Monday.

Shares of food makers Conagra and General Mills both fell in late June. Conagra's stock dropped 12% to $25.43 on June 27, one of the worst performers in the S&P 500 that day, as its results were hurt by expenses for steel for cans, as well as competitive pressures. General Mills' stock declined 4.5% to $51.31 on June 26 after the Minneapolis-based company reported a decline in its snacks business and flat sales of cereal and yogurt.

Broadcom in mid-June also struggled after it blamed trade tensions between the U.S. and China for slowing sales in its wireless business and weaker demand. Its stock fell 5.6% to $265.93 on June 14, after reporting disappointing earnings the prior afternoon.

Since then, Broadcom's stock is back above $290 a share, up an additional 1.7% on Monday. Meanwhile, Conagra's stock has clawed back much of its earnings-day decline, rising roughly 9% from its June 27 close. General Mills is trading within 20 cents of its closing price the day before it reported earnings in late June.

According to Wells Fargo, this bounceback toward pre-earnings release prices is good news, and suggests investors are prepared "to look through bad news."

Write to Corrie Driebusch at corrie.driebusch@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BROADCOM INC 1.83% 278.78 Delayed Quote.9.64%
CONAGRA BRANDS 1.93% 30.04 Delayed Quote.40.64%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.62% 365 End-of-day quote.-3.80%
DJ INDUSTRIAL 0.96% 26135.79 Delayed Quote.12.04%
GENERAL MILLS 0.33% 55.2 Delayed Quote.41.76%
NASDAQ 100 1.52% 7719.323313 Delayed Quote.20.13%
NASDAQ COMP. 1.35% 8002.812313 Delayed Quote.19.00%
S&P 500 1.21% 2923.65 Delayed Quote.15.23%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.12% 465.5 End-of-day quote.-6.46%
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Financials (USD)
Sales 2020 10 817 M
EBIT 2020 1 740 M
Net income 2020 966 M
Debt 2020 9 780 M
Yield 2020 2,82%
P/E ratio 2020 15,2x
P/E ratio 2021 14,1x
EV / Sales2020 2,26x
EV / Sales2021 2,19x
Capitalization 14 618 M
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Technical analysis trends CONAGRA BRANDS
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 15
Average target price 32,13  $
Last Close Price 30,04  $
Spread / Highest target 19,8%
Spread / Average Target 6,97%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
Sean M. Connolly President, Chief Executive Officer & Director
Richard H. Lenny Non-Executive Chairman
Thomas M. McGough Co-Chief Operating Officer & Executive VP
Darren C. Serrao Co-Chief Operating Officer & Executive VP
David S. Marberger Chief Financial Officer & Executive Vice President
Sector and Competitors
1st jan.Capitalization (M$)
CONAGRA BRANDS40.64%14 340
NESTLÉ S.A.35.04%317 518
MONDELEZ INTERNATIONAL36.30%78 655
DANONE30.94%57 577
GENERAL MILLS41.76%33 204
THE HERSHEY COMPANY47.20%32 577