Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, April 5, 2024

Article Excerpt

CONAGRA BRANDS INC., $31.09, New York symbol CAG, is still a buy. Through your shares, you tap the maker of some of North America’s most popular food brands. They include Chef Boyardee canned pasta, Hunt’s tomato sauce, Birds Eye frozen meals, Orville Redenbacher popcorn and Reddi-wip whipped cream. The stock rose 5% this week after the company reported stronger-than-expected quarterly results. That’s mainly because high inflation is prompting more consumers to eat meals at home instead of at restaurants. Conagra’s sales in its fiscal 2024 third quarter, ended February 25, 2024, fell 1.7%, to $3.03 billion from $3.09 billion from a year earlier. Even so, that topped the consensus forecast of $3.01 billion. If you exclude businesses it bought and sold, as well as currency rates, Conagra’s organic sales declined 2.0%. That’s due to lower prices (down 0.2%) and a 1.8% drop in volumes. However, the drop in volumes is a big improvement over the 9.0% decline for the year-earlier quarter. The lower sales also…