Analyst Consensus ?
ConsensusHold24 ratings
Bullish625.0%
Neutral1458.3%
Bearish416.7%
Conagra Brands, Inc. · CAG · FY2026 Q4 · Calendar Q3 2026
Conagra Cuts Dividend to Accelerate Deleveraging, Steps Up Brand and Supply-Chain Investment
Conagra delivered a modest EPS beat ($0.47 vs. $0.46 estimate) with a slight revenue miss ($2.88B vs. $2.89B estimate). The headline story is a strategic pivot: management cut the dividend to free approximately $1 billion in cash flow for accelerated deleveraging toward a 3.0x leverage target, while simultaneously increasing brand-building spend by $40 million and stepping up capex by $125 million for FY27. Strong free cash flow conversion (119%) and the launch of Project Catalyst, an operational efficiency program, round out a quarter that prioritizes balance-sheet repair over near-term shareholder returns.
Reported Before market openNYSEConsumer Defensive
$7.19B market cap
100quality score
Company context
Snapshot as of publicationConagra Brands, Inc., a prominent manufacturer of packaged food products, conducts its business across North America through its various subsidiary companies. The firm organizes its extensive operations into four distinct segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks division primarily distributes non-perishable food items through various retail channels within the United States. In contrast, the Refrigerated & Frozen segment focuses on supplying temperature-sensitive food products to comparable U.S. retail outlets.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.47
Consensus $0
EPS surprise
+2.2%
Reported versus consensus
Reported revenue
$2.88B
Consensus $2.89B
Revenue surprise
-0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$14.51Current
$12Low
$24.62Average
$43High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 17, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 16, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 16, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Jun 18, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jun 10, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 5, 2026 |
| Bernstein | Underperform | Market Perform | Downgrade | Jun 3, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | May 18, 2026 |
| Stifel | Hold | Hold | Maintain | Apr 21, 2026 |
| BNP Paribas | Neutral | Outperform | Downgrade | Apr 9, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 2, 2026 |
| TD Cowen | Hold | Hold | Maintain | Dec 22, 2025 |
| B of A Securities | Underperform | Underperform | Maintain | Dec 22, 2025 |
| Jefferies | Hold | Hold | Maintain | Dec 12, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Jun 28, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 31, 2023 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | May 11, 2020 |
| CFRA | Strong Buy | Buy | Upgrade | Mar 12, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 30, 2017 |
| Bank of America | Buy | Neutral | Upgrade | Feb 12, 2016 |
| Keybanc | Hold | Buy | Downgrade | Jun 18, 2014 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Dec 19, 2013 |
| Edward Jones | Buy | Hold | Upgrade | Dec 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $14.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Peter Grom | $14 | $14.44 | -3.5% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $14 | $14.28 | -3.5% | Jul 16, 2026 |
| Barclays | Analyst unavailable | $16 | $14.04 | +10.3% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $16 | $13.89 | +10.3% | Jun 25, 2026 |
| Deutsche Bank | Steve Powers | $12 | $13.16 | -17.3% | Jun 18, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $13 | $12.66 | -10.4% | Jun 5, 2026 |
| Coker Palmer | Thomas Palmer | $14 | $12.66 | -3.5% | Jun 5, 2026 |
| Bernstein | Analyst unavailable | $12 | $12.86 | -17.3% | Jun 3, 2026 |
| UBS | Peter Grom | $13 | $12.92 | -10.4% | Jun 2, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $15 | $14.53 | +3.4% | Apr 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $15 | $14.84 | +3.4% | Apr 21, 2026 |
| BNP Paribas | Analyst unavailable | $16 | $15.55 | +10.3% | Apr 9, 2026 |
| Wells Fargo | Chris Carey | $15 | $16.98 | +3.4% | Mar 12, 2026 |
| UBS | Analyst unavailable | $20 | $19.52 | +37.8% | Feb 13, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $18 | $17.38 | +24.1% | Jan 16, 2026 |
| Wells Fargo | Analyst unavailable | $18 | $17.05 | +24.1% | Jan 5, 2026 |
| Bernstein | Alexia Howard | $18 | $17.48 | +24.1% | Dec 29, 2025 |
| UBS | Peter Grom | $18 | $17.26 | +24.1% | Dec 23, 2025 |
| Deutsche Bank | Steve Powers | $18 | $17.3 | +24.1% | Dec 22, 2025 |
| Morgan Stanley | Analyst unavailable | $19 | $17.36 | +30.9% | Dec 22, 2025 |
| Evercore ISI | David Palmer | $22 | $17.36 | +51.6% | Dec 22, 2025 |
| RBC Capital | Analyst unavailable | $20 | $17.35 | +37.8% | Dec 22, 2025 |
| RBC Capital | Nik Modi | $22 | $17.74 | +51.6% | Dec 17, 2025 |
| Wells Fargo | Analyst unavailable | $19 | $17.83 | +30.9% | Dec 12, 2025 |
| Jefferies | Analyst unavailable | $18 | $17.6 | +24.1% | Dec 11, 2025 |
| Stifel Nicolaus | Analyst unavailable | $19 | $17.44 | +30.9% | Dec 11, 2025 |
| Goldman Sachs | Analyst unavailable | $16 | $17.52 | +10.3% | Nov 25, 2025 |
| Wells Fargo | Chris Carey | $20 | $19.3 | +37.8% | Oct 2, 2025 |
| Morgan Stanley | Megan Alexander Clapp | $20 | $19.4 | +37.8% | Jul 11, 2025 |
| Bernstein | Alexia Howard | $21 | $19.4 | +44.7% | Jul 11, 2025 |
| Morgan Stanley | Megan Alexander | $22 | $20.52 | +51.6% | Jul 7, 2025 |
| Evercore ISI | David Palmer | $26 | $20.99 | +79.2% | Jul 7, 2025 |
| Jefferies | Rob Dickerson | $30 | $32.31 | +106.8% | Sep 24, 2024 |
| Coker Palmer | Thomas Palmer | $33 | $32.31 | +127.4% | Sep 24, 2024 |
| Goldman Sachs | Leah Jordan | $36 | $29.82 | +148.1% | Aug 12, 2024 |
| Stifel Nicolaus | Matthew Smith | $30 | $28.38 | +106.8% | Jul 12, 2024 |
| Barclays | Andrew Lazar | $34 | $31.09 | +134.3% | Apr 8, 2024 |
| Wells Fargo | Chris Carey | $32 | $30.64 | +120.5% | Apr 5, 2024 |
| Stifel Nicolaus | Matthew Smith | $32 | $30.64 | +120.5% | Apr 5, 2024 |
| Coker Palmer | Thomas Palmer | $32 | $30.64 | +120.5% | Apr 5, 2024 |
| Morgan Stanley | Pamela Kaufman | $32 | $30.64 | +120.5% | Apr 5, 2024 |
| CFRA | Arun Sundaram | $34 | $30.64 | +134.3% | Apr 4, 2024 |
| Morgan Stanley | Pamela Kaufman | $29 | $29.06 | +99.9% | Apr 4, 2024 |
| RBC Capital | Nik Modi | $29 | $29.58 | +99.9% | Apr 1, 2024 |
| Stifel Nicolaus | Matthew Smith | $43 | $35.96 | +196.3% | May 19, 2023 |
| Deutsche Bank | Steve Powers | $35 | $35.52 | +141.2% | Mar 20, 2023 |
| RBC Capital | Conagra Brands | $38 | $40.58 | +161.9% | Jan 6, 2023 |
| J.P. Morgan | Analyst unavailable | $43 | $41 | +196.3% | Jan 6, 2023 |
| Morgan Stanley | Analyst unavailable | $48 | $40.5 | +230.8% | Jan 6, 2023 |
| UBS | Analyst unavailable | $45 | $40.66 | +210.1% | Jan 6, 2023 |
| Credit Suisse | Analyst unavailable | $40 | $39.97 | +175.7% | Jan 6, 2023 |
| Evercore ISI | Analyst unavailable | $42 | $38.77 | +189.5% | Dec 29, 2022 |
| Morgan Stanley | Pamela Kaufman | $45 | $38.49 | +210.1% | Dec 20, 2022 |
| Deutsche Bank | Steve Powers | $34 | $38.25 | +134.3% | Dec 6, 2022 |
| UBS | Cody Ross | $41 | $35.81 | +182.6% | Nov 18, 2022 |
| BNP Paribas | Analyst unavailable | $42 | $33.91 | +189.5% | Nov 15, 2022 |
| Morgan Stanley | Pamela Kaufman | $34 | $33.83 | +134.3% | Jul 15, 2022 |
| Morgan Stanley | Pamela Kaufman | $36 | $35.11 | +148.1% | Jan 14, 2022 |
| Citigroup | Wendy Nicholson | $37 | $32.96 | +155.0% | Jul 14, 2021 |
| Stifel Nicolaus | Christopher Growe | $35 | $32.96 | +141.2% | Jul 14, 2021 |
| Barclays | Andrew Lazar | $39 | $32.96 | +168.8% | Jul 14, 2021 |
Track every rating change on CAG the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-0.4%
Event window
SPY move
+0.4%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+3.0%
Up to 20 sessions
CAGSPY benchmark
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What changed
Versus the prior quarter, the bullish score declined from 78 to 62, reflecting a more cautious tone around volume declines and reinvestment needs. Q3 highlighted volume growth returning to frozen and snacks; this quarter management expects mid-single-digit volume declines. New this quarter: the dividend cut, brand spend increase of $40M (14%), capex step-up of $125M, Project Catalyst launch, SKU rationalization targeting 5,500 SKUs, and an Investor Day planned for early FY27. Ardent Mills volatility flagged in Q3 was not revisited.
Guidance delta
Maintained. Management reaffirmed its outlook, citing strong free cash flow conversion and reiterating productivity savings above 4% as a margin stabilizer. No formal upgrade or downgrade was issued. The dividend cut is a capital-allocation shift, not a guidance change.
Key takeaways
- EPS beat modestly at $0.47 vs. $0.46 estimate; revenue slightly missed at $2.88B vs. $2.89B estimate
- Dividend cut will free approximately $1 billion in cash flow to accelerate deleveraging toward a 3.0x leverage target
- Brand-building spend increased by $40 million (14%) and capex stepped up by $125 million in FY27 for supply-chain resilience
- Strong free cash flow conversion of 119% supports debt repayment and future investments
- Project Catalyst launched to streamline operations and reduce organizational complexity
- Portfolio simplification and SKU rationalization targeting approximately 5,500 SKUs as a mid-to-long-term initiative
Management priorities
- Accelerate deleveraging toward 3.0x leverage target using freed dividend cash flow
- Incremental $125 million capex focused on supply-chain resilience and in-sourcing
- Project Catalyst to improve organizational efficiency and reduce complexity
- Portfolio reshape and SKU rationalization targeting 5,500 SKUs
- Investor Day in early FY27 to detail strategic plan and portfolio direction
Related earnings events
Consumer DefensiveSources
- Earnings call transcript and parsed analysis · 2026-07-15T16:03:06.541324+00:00
- FN2 earnings calendar · 2026-07-31T01:23:16.182055+00:00
- Polygon adjusted daily market bars · 2026-07-31T21:21:20.198760+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T21:21:20.196125+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.