|Over a week ago|
Conagra Brands announces appointment of Eboli as chief supply chain officer » 11:1005/0605/06/21
Conagra Brands (CAG)…
Conagra Brands (CAG) announced the appointment of Alexandre "Ale" Eboli as executive vice president and chief supply chain officer, effective Aug. 2. Eboli will succeed Dave Biegger, who is retiring from the organization at the end of the current fiscal year. Eboli has "25 years of experience of global end-to-end supply chain leadership within the consumer packaged goods industry" and prior to joining Conagra Brands served as the Head of Supply Chain, North America for The Unilever Group (UN, UL), the company said.
Fly Intel: Top five weekend stock stories » 20:0904/2504/25/21
AZN, SEAH, NFLX, T, HSY, MDLZ, CAG, SJM, TWNK, KHC, GIS, K, CPB, PRGO, MRNA, XPO
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. President Joe Biden said via Twitter that, "Just as India Sent assistance to the United States as our hospitals were strained early in the pandemic, we are determined to help India in its time of need." The President also retweeted a message by White House National Security Advisor Jake Sullivan, saying in part that "The United States stands in solidarity with the people of India and we are deploying more supplies and resources... the United States has identified supplies of therapeutics, rapid diagnostic test kits, ventilators, and Personal Protective Equipment that will immediately be made available in India. The U.S. Development Finance Corporation is funding a substantial expansion of manufacturing capability for BioE, the vaccine manufacturer in India." U.S. Representative Ro Khanna, Democratic vice-chair of the Congressional India Caucus, welcomed the announcement but urged Biden to go further and give India the United States' unused COVID-19 vaccines doses from AstraZeneca (AZN), according to a report by Reuters. 2. Super Group - the holding company for Betway, an online sports betting brand, and Spin, a multi-brand online casino offering - announced it has entered into a definitive agreement with Sports Entertainment Acquisition Corp. (SEAH), a publicly traded special purpose acquisition company, to bring its global online sports betting and gaming group to the U.S. public markets. 3. Netflix (NFLX) shares have been stuck in a rut for almost nine months but they won't stay there forever, Eric Savitz wrote in this week's edition of Barron's. The subscription streaming video revolution has arrived, but the market is far from saturated, and while Netflix's short-term subscription gains have been reduced by a "pull forward" effect last year, as well as a thinner content slate for the first half of 2021, the company's most popular series return in the second half, along with some blockbuster films, the publication noted. 4. AT&T (T) subsidiary Warner Bros.' "Mortal Kombat" won the North American box office this weekend with $22.5M from 3,073 locations. The movie based on the martial arts video game debuted simultaneously on HBO Max. Overseas, "Mortal Kombat" earned another $6.3M for a foreign cume of $27.6M and a global total of $50.1M. 5. Hershey (HSY), Mondelez (MDLZ), Conagra Brands (CAG), J.M. Smucker (SJM), Hostess Brands (TWNK), Kraft Heinz (KHC), General Mills (GIS), Kellogg (K), Campbell Soup (CPB), Perrigo (PRGO), Moderna (MRNA), and XPO Logistics (XPO) saw positive mentions in this week's edition of Barron's.
Packaged foods stocks with room to run, Barron's says » 10:5204/2404/24/21
HSY, MDLZ, CAG, SJM, KHC, GIS, K, CPB, TWNK
The pandemic-driven demand for package foods could stick around longer than many on Wall Street expect, presenting an "appetizing" opportunity for investors, Andrew Bary writes in this week's edition of Barron's. Hershey (HSY), Mondelez (MDLZ), Conagra Brands (CAG), J.M. Smucker (SJM), Hostess Brands (TWNK), Kraft Heinz (KHC), General Mills (GIS), Kellogg (K), and Campbell Soup (CPB) are the leading food stocks, the author notes, adding that food stocks also provide some insurance against unexpected setbacks in progress against the pandemic, including vaccine-resistant variants as well as Americans who, still fearful of COVID, don't fully embrace their old habits. Reference Link
Conagra Brands initiated with a Neutral at Citi » 16:1404/2004/20/21
Citi analyst Wendy…
Citi analyst Wendy Nicholson initiated coverage of Conagra Brands with a Neutral rating and $42 price target. With a "COVID-related demand spikes behind us," and inflation potentially pressuring margins, the near-term operating environment will be tough for U.S.-based packaged food companies, Nicholson tells investors in a research note. The analyst believes Conagra is fairly valued here trading at a 29% discount to the market.
|Over a month ago|
Conagra Brands price target raised to $38 from $37 at RBC Capital » 06:3304/0904/09/21
RBC Capital analyst Nik…
RBC Capital analyst Nik Modi raised the firm's price target on Conagra Brands to $38 from $37 and keeps a Sector Perform rating on the shares. The company reported a "solid" quarter, the analyst tells investors in a research note, stating that while inflationary concerns remain and are expected to accelerate, its topline growth continues to come in stronger than expected, the analyst tells investors in a research note. Modi further notes that Conagra management called out that demand in the near term has been greater than originally expected, boosting his FY21 EPS view by 3c to $2.63.
Fly Intel: Pre-market Movers » 08:5904/0804/08/21
ORBC, IMMP, GME, AVCT, CAG, APOG, VLO, BOX, OTIC, AMRS, CGC
Check out this morning's…
Conagra Brands says 'sustained increase in demand in retail segments' QTD » 07:3904/0804/08/21
In the fourth quarter…
In the fourth quarter to-date, the company has seen a sustained increase in demand in its retail segments when compared to pre-COVID-19 demand levels, driven by continued elevate at-home eating as well as the impact of customers beginning to rebuild inventories. The company has also continued to see reduced demand in its Foodservice segment when compared to pre-COVID-19 demand levels. The company has begun to experience elevated inflation in cost of goods sold, and COVID-19-related costs have also continued to impact the business.
Conagra Brands CEO says Q3 results 'benefited' from recent investments » 07:3604/0804/08/21
Sean Connolly, president…
Sean Connolly, president and CEO of Conagra Brands, commented, "We have made significant investments in our business over the past five-plus years, modernizing our products to generate consumer demand. Our strong third-quarter results benefited from these investments. We continued to invest in the business during the quarter, with a focus on ensuring our products are available both online and in stores, as we aim to maximize consumer acquisition during this period of heightened demand." He continued, "We remain confident that each of our retail domains - frozen, snacks, and staples - is well-positioned to sustain the benefits of the eat-at-home habits consumers have developed during the COVID-19 pandemic. Our continued business momentum, coupled with our disciplined approach to investment, reinforce our confidence in the long-term potential of the business and our ability to create sustained value for our shareholders. We further demonstrated this confidence by repurchasing nearly $300 million of our common stock this quarter, which came after we raised our quarterly dividend 29% earlier this fiscal year."
Conagra Brands backs FY22 adjusted EPS view $2.63-$2.73, consensus $2.60 » 07:3404/0804/08/21
Backs FY22 organic net…
Backs FY22 organic net sales growth (3-year CAGR ending fiscal 2022) of +1% to +2%, consensus $10.73B. Backs FY22 free cash flow conversion (percentage of adjusted net income 3-year average) of 95%+ and adjusted operating margin of 18%-19%.
Conagra Brands sees Q4 adjusted EPS 49c-55c, consensus 51c » 07:3204/0804/08/21
Q4 organic net sales…
Q4 organic net sales growth is expected in the range of (10%)-(12%), consensus $2.61B.