J P M O R G A N North America Equity Research 15 July 2026 Conagra Brands Inc. The Long-Awaited Dividend Cut (By 50%) Is Accompanied by Strategic Shifts - But Also a Soft FY27 Outlook Overall: Mixed. CAG reported a $0.01 EPS beat in 4Q26, with flat OSG coming in below the Consensus Metrix estimate of +0.8%. CAG's FY27 OSG and EPS outlooks are below consensus estimates, with OSG of -3% to -1%, below the consensus of +0.3%, and EPS of $1.40-1.50, below the consensus of $1.56. As expected, the company reduced ...