Why Is Conagra (CAG) Stock Rocketing Higher Today
Stock Story
Published Apr 04, 2024 11:04AM ET
Updated Apr 04, 2024 11:30AM ET
Why Is Conagra (CAG) Stock Rocketing Higher Today
What Happened: Shares of packaged foods company Conagra Brands (NYSE:CAG) jumped 6.6% in the pre-market session after the company reported impressive first-quarter results, which beat analysts' organic revenue growth expectations. Its gross margin also outperformed Wall Street's estimates. For the full year, it was comforting that organic sales guidance was maintained while operating margin guidance was raised. The CEO struck an optimistic tone in the release, saying that "Volume trends in our domestic retail business continued to improve as targeted investments, particularly in frozen, generated strong lifts and unit share gains." Overall, this quarter's results seemed fairly positive, and shareholders should feel optimistic.
Is now the time to buy Conagra? Find out by reading the original article on StockStory.
What is the market telling us: Conagra's shares are not very volatile than the market average and over the last year have had only no moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Conagra is up 2.6% since the beginning of the year, but at $30.30 per share it is still trading 21.2% below its 52-week high of $38.45 from May 2023. Investors who bought $1,000 worth of Conagra's shares 5 years ago would now be looking at an investment worth $1,090.
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Written By: Stock Story
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