Conagra Brands CAG stock is slightly down this year while the broader market and many sectors have experienced turbulent volatility. Investors will want to see if the company and the stock can finish the year out strong when it reports earnings tomorrow.Conagra BasicsConagra is one of the leading branded food companies in North America which comes along with pricing power during high inflationary periods. Conagra offers premium edible products that include iconic brands like Hunt’s, Slim Jim, and Healthy Choice.CAG looks posed to be the beneficiary of the consumer shift in spending set to focus on necessities such as food rather than leisure spending or technology productsLast quarter CEO Sean Connolly stated the company faced heightened costs from inflationary pressures but consumer demand remained high. The company expects to see continued strength in sales in fiscal 2023 driven by strong innovation, the impact of pricing actions, and progress in the supply chain to offset continued inflation.Performance CAG is only down -2% year to date to outperform the S&P 500’s -21% and its peer group’s -6% decline.While CAG has mostly treaded water over the last five years, down -2% vs. the benchmark’s +51%, an earnings beat could give the stock some positive momentum.Image Source: Zacks Investment ResearchCAG’s low beta at 0.57 also suggests the stock may be less volatile going forward. This may be a reason for investors to consider holding the stock as earnings look poised to rise.Outlook The Zacks Consensus Estimate for CAG’s fiscal Q1 earnings is $0.52 per share, which would represent a 4% increase from Q1 2022. Sales for Q1 are also expected to be up 6% at $2.83 billion.CAG is projected to post 2% earnings growth in 2023, with its FY24 earnings set to grow another 4%. Top line growth is also expected, with FY23 sales projected to be up 4% and another 1% in FY24 at $12.17 billion.ValuationCurrently trading around $33 a share, CAG has a forward P/E of 14X. This is lower than the industry average of 17.6X. CAG also trades below its high of 20.5X over the last five years and near the median during this period.Image Source: Zacks Investment ResearchBottom Line CAG currently lands a Zack Rank #3 (Hold) and its Food-Miscellaneous Industry is in the bottom 43% of over 250 Zacks Industries. However, CAG could be poised to be a beneficiary of high inflation as shoppers cut back on leisure spending but food consumption becomes higher as a necessity. CAG also has an overall “A” VGM grade and has the pricing advantages of its popular brand names.Investors will hope that Conagra Brands can start to mimic the performance of companies like Campbell Soup CPB, General Mills GIS, and Kellogg's K, which also have pricing advantages from well-known brands.CAG’s fiscal first quarter earnings will show if the company can increase the profitability of its popular brands during high inflation. Plus, CAG offers patient investors a 3.89% annualized dividend yield at $1.32 a share. CAG’s dividend yield is much higher than most of its industry peers. In comparison, competitor General Mills’ dividend yield is 2.75% at $2.16 a share with investors paying a much higher price for GIS stock. The average Zacks Price Target also suggests 4% upside from CAG’s current levels. Just Released: Free Report Reveals Little-Known Strategies to Help Profit from the $30 Trillion Metaverse Boom It's undeniable. The metaverse is gaining steam every day. Just follow the money. Google. Microsoft. Adobe. Nike. Facebook even rebranded itself as Meta because Mark Zuckerberg believes the metaverse is the next iteration of the internet. The inevitable result? Many investors will get rich as the metaverse evolves. What do they know that you don't? They’re aware of the companies best poised to grow as the metaverse does. And in a new FREE report, Zacks is revealing those stocks to you. This week, you can download, The Metaverse - What is it? And How to Profit with These 5 Pioneering Stocks. It reveals specific stocks set to skyrocket as this emerging technology develops and expands. Don't miss your chance to access it for free with no obligation.>>Show me how I could profit from the metaverse!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Mills, Inc. (GIS): Free Stock Analysis Report Conagra Brands (CAG): Free Stock Analysis Report Campbell Soup Company (CPB): Free Stock Analysis Report Kellogg Company (K): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research