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Wire

Conagra Brands' Turnaround Needs More Proof Before Re-Rating, UBS Says

Conagra Brands' (CAG) strategic reset addresses long-standing portfolio and investment issues, but investors are likely to need more evidence that the worst is over before the stock can re-rate higher, UBS Securities said.The brokerage said in a Wednesday note that Conagra's fiscal Q4 adjusted earnings beat was driven largely by below-the-line items and a lower tax rate.Weaker sales and operating profit, fiscal 2027 guidance below Wall Street expectations and the company's 50% dividend reduction formed part of the broader strategic reset, according to the note.The investment firm said management is taking steps to restore profitability, simplify the portfolio and increase investment behind core brands and the supply chain. UBS said it is not convinced the company's fiscal 2027 guidance provides sufficient flexibility if category growth, pricing elasticity or inflation prove more challenging than expected.The brokerage said investors are questioning whether the planned investments will be sufficient and whether the company's initial fiscal 2027 guidance is conservative enough.UBS maintained its neutral rating on the stock and raised its price target to $14 from $13.Shares of Conagra Brands were up 2.4% in Thursday afternoon trading.Price: $14.43, Change: $+0.34, Percent Change: +2.38%

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Wire

Conagra Brands Signals Investment Push With Reset, RBC Says

Conagra Brands' (CAG) fiscal 2027 reset signals a much needed investment alongside a 50% dividend cut, with the trough still ahead as material pricing will not take effect until mid-Q2, RBC Capital Markets said in a note Thursday.The report said the dividend cut was the right move, as it will free up $335 million of additional discretionary cash per year, with the vast majority directed toward debt repayment."The rebase and new CEO plan are a step in the right direction, but this comes down to execution," the note said.With years of volume declines and strategic clarity not until Investor Day in 2027, a rerating requires Q1 trough confirmation and mid-Q2 pricing traction, the report said.RBC lowered its price target to $14 from $16 while keeping its sector perform rating on the stock.Price: $14.40, Change: $+0.31, Percent Change: +2.20%

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Wire

UBS Adjusts Price Target on Conagra Brands to $14 From $13, Maintains Neutral Rating

Conagra Brands (CAG) has an average rating of hold and mean price target of $13.79, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $14.03, Change: $-0.07, Percent Change: -0.49%

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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.9%.In corporate news, Conagra Brands (CAG) laid out a plan to streamline operations, including reviewing its non-core assets, as the packaged food company seeks to restore margins and invest more aggressively in supply chains. Chief Executive John Brase, who joined the company on June 1, announced the restructuring initiative Wednesday, alongside fiscal Q4 results. Conagra Brands shares were down 1.4%.The US Federal Communications Commission is expected to repeal a nationwide TV audience cap in what would be a win for Nexstar Media's (NXST) acquisition of rival Tegna, Bloomberg reported. A Nexstar-Tegna combination would reach roughly 80% of US households, significantly above the historic threshold of 39%, the report said. Nexstar shares jumped 4.2%.Ford (F) Executive Chairman Bill Ford said Tuesday that the US automotive industry has to prepare for competition from China's carmakers when they eventually enter the market. "It's astonishing how quickly the Chinese auto companies have just taken Europe by storm. Because they're being subsidized by the Chinese government, and you know the Chinese government decided that their domestic economy was in tough straits, so they were going to export the heck out of things, and they have," Ford said at an event sponsored by Axios. Ford shares were up 1.7%.Toyota Motor (TM) could lose its title as the world's largest automaker by sales to BYD without the Chinese competitor entering the US market, The Financial Times reported, citing BYD executive Stella Li and Founder Wang Chuanfu. The electric-vehicle manufacturer plans to surpass Toyota within five years through organic expansion and rapid advances in charging technology, the news outlet reported. Toyota shares increased 0.3%.

$CAG$F$NXST$TM
Sectors

Sector Update: Consumer

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1%.In corporate news, Conagra Brands (CAG) laid out a plan to streamline operations, including reviewing its non-core assets, as the packaged food company seeks to restore margins and invest more aggressively in supply chains. Chief Executive John Brase, who joined the company on June 1, announced the restructuring initiative Wednesday, alongside fiscal Q4 results. Conagra Brands shares were down 0.7%.

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Conagra Brands to Review Non-Core Assets as Part of Revamp
US Markets

Conagra Brands to Review Non-Core Assets as Part of Revamp

Conagra Brands (CAG) laid out a plan to streamline operations, including reviewing its non-core assets, as the packaged food company seeks to restore margins and invest more aggressively in supply chains.Chief Executive John Brase, who joined the company on June 1, announced the restructuring initiative Wednesday, alongside fiscal fourth-quarter results. Shares of Conagra Brands have fallen nearly 18% year to date.Conagra is targeting a leaner operating structure that focuses on core brands, Brase said in prepared remarks. The company will explore strategic options for non-core units, he added."I believe that we have operated with a portfolio that is too large and too complex for too long," Brase said. "We have significant opportunities to simplify, and I'm taking the time to do a detailed review with our teams to understand where we have the right to win."Inflation and an emphasis on volume gains have impacted margins, the new CEO said. Conagra will target productivity gains and price hikes, particularly across its frozen portfolio, to combat inflation and restore margins.The company plans to raise advertising spending by 14% this year, prioritizing frozen meals and meat snacks. It will increase capital expenditure to $550 million in fiscal 2027 from $423 million in the year to May 2026 to modernize its supply chain."I see several near-term opportunities to strengthen the business including stabilizing and restoring our margin profile, increasing investment behind our brands and supply chain, driving simplicity and reducing complexity across the organization, and enhancing our financial flexibility," Brase said in an earnings release.The company halved its quarterly dividend to $0.175 per share, representing an annualized rate of $0.70.Conagra on Wednesday issued a fiscal 2027 earnings outlook below Wall Street expectations. The company anticipates adjusted earnings between $1.40 per share and $1.50 and expects organic net sales to decline 1% to 3% annually. The consensus on FactSet is for non-GAAP EPS of $1.56.For the fourth quarter through May 31, the company's adjusted EPS fell to $0.47 from $0.56 a year earlier, just ahead of analysts' estimate of $0.46. Net sales increased 3.6% annually to $2.88 billion, compared with Wall Street's $2.89 billion view.Revenue for the grocery and snacks division edged 0.3% higher year on year, while the refrigerated and frozen portfolio rose 5.3%.Price: $14.15, Change: $-0.01, Percent Change: -0.04%

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Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Conagra Brands (CAG) shares were down more than 6% after the company reported a decline in fiscal Q4 adjusted earnings and issued fiscal 2027 adjusted EPS outlook below analysts' expectations.eBay's (EBAY) proposed acquisition of Depop received clearance from the UK Competition and Markets Authority, the regulator said. eBay shares were 0.6% higher premarket.Uber Technologies (UBER) has formed a new partnership with GameStop (GME) that will allow customers to order video games, consoles, accessories from GameStop locations nationwide via Uber Eats marketplace, the companies said. GameStop stock was up 0.3% pre-bell.

$CAG$EBAY$GME$UBER$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Conagra Brands (CAG) shares were down more than 5% after the company reported a decline in fiscal Q4 adjusted earnings and issued fiscal 2027 adjusted EPS outlook below analysts' expectations.

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Wire

Conagra Brands Investors Anticipate Conservative FY27 Outlook, UBS Says

Conagra Brands (CAG) investors are prepared for a conservative fiscal 2027 outlook amid softer consumption trends and input-cost inflation, UBS Securities said Wednesday in a report.UBS expects organic sales growth of 0.3%, compared with Wall Street expectations of 0.4%, and adjusted operating margins of 10.4% versus the 11% consensus, along with earnings per share of $1.50, or $0.13 below projections.For fiscal Q4, UBS expects organic sales growth of 0.6%, compared with Wall Street's 0.9% estimate, with gains from the previous quarter in the grocery and snacks segment and the refrigerated and frozen unit. International organic sales may fall 2.5%, versus analysts' projected 0.5% decline, the report said.Q4 results are due Wednesday.UBS maintained its neutral rating on Conagra stock with a $13 price target.Price: $13.55, Change: $-0.23, Percent Change: -1.63%

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Conagra Brands Poised For In-Line Quarter, With Dividend Cut Likely Amid Challenges, RBC Says
US Markets

Conagra Brands Poised For In-Line Quarter, With Dividend Cut Likely Amid Challenges, RBC Says

Conagra Brands' (CAG) fiscal fourth-quarter results are largely expected to meet Wall Street's estimates, while the packaged food company could cut its dividend amid a challenging business backdrop, RBC Capital Markets said Thursday.The brokerage projects Conagra's fourth-quarter earnings to match the Street's consensus of $0.46 a share, while its net sales are pegged at $2.87 billion, compared with the $2.89 billion market consensus. The company is scheduled to report results July 15."The bigger story is (fiscal 2027), where limited cost visibility, a difficult pricing environment, and a likely new (chief executive) rebase create a wide range of outcomes," RBC co-head of global consumer and retail research Nik Modi said in a note to clients Thursday. "A dividend cut looks probable and would be welcomed, freeing cash for deleveraging and reinvestment."In April, Conagra announced the appointment of former J.M. Smucker (SJM) executive John Brase as CEO, replacing Sean Connolly.Conagra's dividend yield is 10.4%, or 660 basis points, above its historical 10-year average of 3.8%, implying a "high probability" of a reduction, Modi said Thursday. "We believe the market is already pricing in a sizable cut, and a cut would be constructive for the narrative and free up sizable cash to deleverage, reinvest, and/or accelerate portfolio reshaping."In late March, Conagra announced a quarterly dividend of $0.35 per share.RBC lowered its price target on the company's stock to $16 from $17, with a sector perform rating.Conagra shares were up 1.7% in Thursday late-afternoon trade. So far in 2026, the stock has lost 20% in value.The company is seen posting "modest" organic sales growth that's roughly in-line with market expectations, with limited upside, RBC said. Although Conagra is expected to meet the Street's bottom-line views for the quarter, factors such as inflation are likely to outweigh productivity gains and 53rd-week operating leverage, according to the note."(The company) heads into its (fourth-quarter) print and first formal (2027) guide under pressure -- shares have underperformed, (while) estimates have moderated intra-quarter," Modi said.Price: $13.70, Change: $+0.09, Percent Change: +0.68%

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General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says
US Markets

General Mills, J.M. Smucker Among Food Producers Seen Missing 2027 Earnings Views, Morgan Stanley Says

US food producers including General Mills (GIS) and J.M. Smucker (SJM) may see their fiscal 2027 earnings missing consensus estimates amid rising input costs, Morgan Stanley said in a note emailed Friday.The brokerage lowered 2027 earnings-per-share estimates for the two companies, as well as for Conagra Brands (CAG) and Campbell's (CPB)."Heading into off-cycle earnings over the next several weeks, the focus is squarely on (fiscal 2027) outlooks -- both in terms of formal guidance for (J.M. Smucker, General Mills, and Conagra), as well as any incremental commentary from (Campbell's) -- with negative revisions generally expected amid ongoing topline weakness and incremental margin pressure from higher input costs post the Iran conflict," according to the Morgan Stanley report.Wholesale costs rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures, data released last month showed.Morgan Stanley now projects 2027 EPS of $1.41 for Conagra, $2.02 for Campbell's, $2.97 for General Mills and $9.74 for J.M. Smucker. The consensus estimates are $1.63, $2.11, $3.20 and $9.92, respectively.Morgan Stanley lowered its price targets to $13 from $15 for Conagra, $21 from $23 for Campbell's and $32 from $37 for General Mills. It raised J.M Smucker's price target to $106 from $104."While there has been some recent sequential improvement in scanner trends as of late, visibility into durability remains low given a choppier macro backdrop," the report said. "At this point, (J.M Smucker) likely screens best, supported by solid recent trends, albeit with some uncertainty around coffee elasticities."The brokerage said market share trends remain weak for General Mills, which has "limited flexibility after leaning into price to stabilize volumes." Conagra is more exposed to the low-end consumer hit hard by inflation."We would put (Campbell's) somewhere in the middle -- near-term trends remain weak, but with new leadership in snacks, there is at least some potential for strategic changes to support improvement," Morgan Stanley said.Campbell's is scheduled to release its fiscal third-quarter results on Monday, while J.M. Smucker will post its fourth-quarter financials on Tuesday. General Mills reports on July 1, followed by Conagra on July 9.Price: $21.27, Change: $-0.29, Percent Change: -1.32%

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Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says
US Markets

Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says

US packaged food companies' upcoming quarterly results are likely to highlight a "tough" setup for the industry amid weaker demand and increasing costs, UBS Securities said in a note e-mailed Tuesday.The brokerage flagged downside potential to Wall Street's projections for the back half of the year and beyond given mounting cost pressures. The industry at the same time is facing structural changes "that could materially shift the growth trajectory for some time," UBS analysts Peter Grom and Sona Fernandes said in the note to clients.Campbell's (CPB), J.M. Smucker (SJM), General Mills (GIS), Conagra Brands (CAG), Simply Good Foods (SMPL), and McCormick (MKC) comprise the brokerage's packaged food coverage. The companies are expected to report results over the coming weeks."As has been the case for some time, we expect top-line trends to remain under pressure for most (of the names), and when layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," Grom and Fernandes said.Campbell's faces a "negative" setup ahead of its results amid "demand trends (that are) yet to show meaningful improvement and cost pressures that could drive out year estimates lower," the analysts wrote.UBS sees an "unfavorable setup" for General Mills ahead of its results. "We believe (fiscal 2027) guidance will fall short of expectations driven by top-line growth that remains underwhelming, cost pressures that will likely offset benefits from (corporate strategy) savings, and lapping unique items such as the 53rd week, incentive comp, and a divestiture," Grom and Fernandes said.For Conagra, the fundamental setup into its latest results continues to be "challenged, as top-line trends remain underwhelming," with cost pressures expected to lead to fiscal 2027 outlook falling short of the Street's views at the midpoint, according to the note.Simply Good Foods' "demand trends remain under pressure and cost pressures remain elevated making it difficult to step in," Grom and Fernandes said.UBS sees J.M. Smucker and, to some extent, McCormick as "partial exceptions" in its downbeat industry outlook.J.M. Smucker "remains one of the few companies across our packaged food coverage where we see a path to organic sales growth and strong bottom-line delivery" looking out over the next 12 to 18 months, the analysts said. McCormick's fundamentals "remain better than most, but the company is also not immune to moderating category trends and cost pressures," according to Grom and Fernandes."In many ways, we think growth algorithms for the group could be permanently impaired, and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," the analysts wrote.Price: $21.12, Change: $+0.04, Percent Change: +0.19%

$CAG$CPB$GIS$MKC$SJM$SMPL
Wire

UBS Adjusts Price Target on Conagra Brands to $13 From $16, Maintains Neutral Rating

Conagra Brands (CAG) has an average rating of hold and mean price target of $15, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $12.98, Change: $-0.13, Percent Change: -0.95%

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Insider Trading

Conagra Brands Insider Bought Shares Worth $358,500, According to a Recent SEC Filing

Richard H Lenny, Director, on April 14, 2026, executed a purchase for 25,000 shares in Conagra Brands (CAG) for $358,500. Following the Form 4 filing with the SEC, Lenny has control over a total of 229,340 common shares of the company, with 229,340 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/23217/000113949726000002/xslF345X05/form4-04152026_090402.xml

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Insider Trading

Conagra Brands Insider Bought Shares Worth $250,402, According to a Recent SEC Filing

John J Mulligan, Director, on April 14, 2026, executed a purchase for 17,500 shares in Conagra Brands (CAG) for $250,402. Following the Form 4 filing with the SEC, Mulligan has control over a total of 20,728 common shares of the company, with 20,728 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/23217/000154581926000009/xslF345X05/form4-04152026_090422.xml

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Research

BTIG Initiates Conagra Brands at Neutral

Conagra Brands (CAG) has an average rating of hold and mean price target of $15.93, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Japan

US Equity Markets Rise Amid Expectations for US-Iran Peace Deal

US equity indexes closed higher on Monday amid expectations that the US will manage to finalize a peace deal with Iran.* President Trump signaled his administration was contacted by Iran "to work out a deal," though he also threatened to destroy ships impeding a US blockade in the Strait of Hormuz.* The pace of US existing home sales fell 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease to a 4.05 million rate expected in a survey compiled by Bloomberg.* May West Texas Intermediate crude oil rose $1.45 to settle at $98.02 per barrel, while June Brent crude, the global benchmark, was last seen up $3.23 at $98.43.* Oracle (ORCL) shares rose 12%, the top gainer on the S&P 500, after the company introduced AI-focused updates to its utilities software suite, targeting improvements in billing, grid operations, and asset management.* Conagra Brands (CAG) shares fell 4.4%, the second-biggest decline on the S&P. The company appointed John Brase as CEO to succeed Sean Connolly, effective June 1. Brase previously served as chief operating officer at J.M. Smucker (SJM).

Dow JonesNasdaq CompositeS&P 500$CAG$ORCL$SJM
Wire

Top Midday Stories: Goldman Shares Fall Despite Q1 Earnings Topping Estimates; Revolution's Pancreatic Cancer Drug Met Key Study Goals

The Dow Jones Industrial Average was down while the S&P 500 and Nasdaq Composite were up in late-morning trading Monday, as Wall Street digests news from the weekend that the US and Iran failed to strike a deal, and President Donald Trump announced a blockade of the Strait of Hormuz.In company news, Goldman Sachs (GS) reported Q1 earnings Monday of $17.55 per diluted share, up from $14.12 a year earlier and above the FactSet consensus analyst estimate of $16.47. First-quarter net revenue was $17.23 billion, up from $15.06 billion a year ago and above the FactSet consensus of $16.99 billion. The company also said it's launching a three-tranche, investment-grade bond offering in the US, with bond maturities spanning four to eight years, Bloomberg reported, citing a person with direct knowledge of the matter. Goldman shares were down 3.6% around midday.Revolution Medicines (RVMD) said Monday the phase 3 trial of its experimental drug, daraxonrasib, intended to treat a type of pancreatic cancer, met key goals. The drug delivered a median overall survival of 13.2 months, compared with 6.7 months for chemotherapy, the company said. Revolution said it plans to submit the data to global regulators, including the US Food and Drug Administration, for marketing application. Revolution shares were up 36.4%.GFL Environmental (GFL) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Secure Waste Infrastructure for 24.75 Canadian dollars per share, representing an enterprise value of about CA$6.4 billion ($4.62 billion), the companies said Monday. The deal is expected to close in H2, they said. GFL shares were down 7.8%.Fastenal (FAST) reported Q1 earnings Monday of $0.30 per diluted share, up from $0.26 a year earlier and in-line with the FactSet consensus. First-quarter net sales were $2.20 billion, up from $1.96 billion a year ago and in-line with expectations. Fastenal shares were down 6.7%.Conagra Brands (CAG) said Monday it has appointed John Brase as chief executive officer and president, effective June 1. Brase, who previously served as chief operating officer and president at J.M. Smucker (SJM), will succeed Sean Connolly, who will step away from his leadership positions and board seat on May 31, the company said. Conagra shares were down 5.6%, while J.M. Smucker shares were down 2.7%.Microsoft (MSFT) is developing new features for Copilot it hopes will make the AI assistant function more like OpenClaw, The Information reported Monday, citing a company statement. Microsoft shares were up 2.3%.Price: $874.99, Change: $-32.81, Percent Change: -3.61%

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