Conagra Brands Stock Brushes Off Upbeat Q3 Results

The shares of Conagra Brands Inc (NYSE: CAG) are down 3.4% at $35.99 at last check, following the company's fiscal third-quarter earnings report. The packaged food name behind Birds Eye, Healthy Choice, and Slim Jim, reported earnings of 59 cents per share -- a penny above Wall Street's estimates -- alongside a revenue beat. Conagra chalked this win up to elevated demand during the pandemic.

Earnings expectations met, Earnings report

After bursting above pressure at the $35 level in early March, CAG quickly rose to a March 30 peak of $38.98 -- its highest level in nearly a year. However, the stock has since pulled back, finding a floor at the $37 region, which coincides with former pressure and its year-to-date breakeven. Year-over-year, Conagra stock sports a 22.3% lead.

In the options pits, the security's 50-day put/call volume ratio of 1.30 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than all but 1% of readings in its annual range. In other words, puts are being picked up at a faster-than-usual rate. 

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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