Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, July 12, 2024

Article Excerpt

CONAGRA BRANDS INC., $28.35, New York symbol CAG, is still a buy for long-term gains. 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 company reported weaker-than-expected sales for its latest quarter, as cost-conscious consumers switch to cheaper alternatives. However, its earnings beat estimates thanks to improving supply chains and a cost-cutting plan. Conagra’s sales in its fiscal 2024 fourth quarter, ended May 26, 2024, fell 2.3%, to $2.91 billion from $2.97 billion from a year earlier. That missed the consensus forecast of $2.93 billion. If you exclude businesses it bought and sold, as well as currency rates, Conagra’s organic sales declined 2.4%. That’s due to lower prices (down 0.6%) and volumes (down 1.8%). The lower sales also cut earnings before unusual items by 1.6%, to $0.61 a share (or a total of $293.6 million) from $0.62…