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<p>At Tuesday’s opening bell, stocks were trading a bit higher. In the first quarter hour of trading, the Nasdaq traded up by around 0.9%, the S&#038;P 500 up by about 0.4% and the Dow Jones industrials were essentially flat. An hour later, all three indexes were trading lower.</p>
<p>There have been no earnings reports of note since before Christmas. This week, there are four, all reporting before U.S. markets open on Thursday.</p>
<h2>Conagra Brands</h2>
<p>Over the past 12 months, the share price of packaged food giant Conagra Brands Inc. (NYSE: CAG) has increased by about 14.2%. For the past three months, the stock is up 18.6%.</p>
<p>Last week, the company settled a class action lawsuit filed more than a decade ago related to false advertising of its Wesson brand vegetable oil. Conagra sold Wesson to Canada’s Richardson International in February 2019 for an undisclosed sum.</p>
<p>During its fiscal second quarter, Conagra is expected to have been able to raise prices without losing customers. The high payout ratio and generous dividend have remained.</p>
<p>Of 17 analysts following the stock, nine have a Hold rating while another seven rate the shares at Buy or Strong Buy. At a recent price of around $38.70, the shares have outrun their median price target of $38.00. At the high price target of $45.00, the upside potential is 16.3%.</p>
<p>The consensus estimate for fiscal 2023 second-quarter revenue is $3.27 billion, which would be up about 12.7% sequentially and by about 6.9% year over year. Adjusted earnings per share (EPS) are expected to come in at $0.66, up 16.5% sequentially and by 3.1% year over year. The current estimates for the 2023 fiscal year that ends in May call for EPS of $2.47, up 6.5%, on sales of $12.23 billion, up just over 6%.</p>
<p>Conagra stock trades at 15.7 times expected 2023 EPS, 14.7 times estimated 2024 earnings of $2.63 and 13.9 times estimated 2025 earnings of $2.78 per share. Conagra’s 52-week trading range is $30.06 to $339.22, and the high was posted last week. The company pays an annual dividend of $1.32 (yield of 3.4%). Total shareholder return over the past 12 months is nearly 18.5%.</p>
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<h2>Constellation Brands</h2>
<p>Constellation Brands Inc. (NYSE: STZ) produces, imports and sells beer, wine and spirits in the United States and other countries. With a market cap of around $42.8 billion, it is the country’s largest publicly traded alcoholic beverage stock.</p>
<p>The shares have dropped about 7.1% of their value over the past 12 months, including a drop of nearly 10% in just the past month. On the plus side, net debt is low, and free cash flow is high. Also on the plus side, analysts have set a pretty low bar for third-quarter revenue and EPS.</p>
<p>Of 28 analysts covering the company, 22 have a Buy or Strong Buy rating and the other six have Hold ratings. At a share price of around $231.75, the upside potential based on a median price target of $276.50 is 19.3%. At the high price target of $310.00, the upside potential rises to 33.8%.</p>
<p>Analysts expect Constellation to report fiscal 2023 third-quarter revenue of $2.31 billion, down 10.2% sequentially but up 2.6% year over year. Adjusted EPS are pegged at $2.90, down 8.5% sequentially and 7.1% lower year over year. For the full fiscal year ending in February, estimates call for EPS of $11.06, up by 8.4%, and revenue of $9.5 billion, up 7.7%. More than half of 2023’s estimated revenue was posted in the first two quarters of the fiscal year.</p>
<p>Constellation stock trades at 21 times expected 2023 EPS, 18.4 times estimated 2024 earnings of $12.62 and 16.2 times estimated 2025 earnings of $14.35 per share. The stock’s 52-week range is $207.59 to $261.52. Constellation pays an annual dividend of $3.20 (yield of 1.38%). Total shareholder return for the past 12 months is negative 5.8%.</p>
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Conagra, Constellation Brands, Schnitzer Steel, Walgreens – Darlinez News.
