ConAgra Foods Inc. (NYSE:CAG) Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the sale, the director now owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
ConAgra Foods Inc. (CAG) traded up 2.17% during mid-day trading on Friday, reaching $34.80. 3,276,892 shares of the company’s stock traded hands. ConAgra Foods Inc. has a 52-week low of $32.93 and a 52-week high of $41.68. The company has a 50-day moving average of $34.48 and a 200-day moving average of $38.27. The company has a market capitalization of $14.50 billion, a price-to-earnings ratio of 23.84 and a beta of 0.32.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the company earned $0.52 earnings per share. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts expect that ConAgra Foods Inc. will post $1.86 EPS for the current year.
ConAgra Foods announced that its board has authorized a stock buyback program on Thursday, June 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be given a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, July 27th. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is presently 57.82%.
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A number of large investors have recently bought and sold shares of CAG. BlackRock Inc. increased its position in shares of ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after buying an additional 26,020,645 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of ConAgra Foods by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock valued at $152,788,000 after buying an additional 2,999,723 shares during the last quarter. AJO LP increased its position in ConAgra Foods by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock valued at $111,526,000 after buying an additional 2,754,930 shares in the last quarter. JPMorgan Chase & Co. increased its position in ConAgra Foods by 260.2% in the first quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock valued at $124,465,000 after buying an additional 2,228,946 shares in the last quarter. Finally, Bank of Montreal Can increased its position in ConAgra Foods by 134.5% in the first quarter. Bank of Montreal Can now owns 3,366,929 shares of the company’s stock valued at $135,821,000 after buying an additional 1,931,340 shares in the last quarter. 77.64% of the stock is owned by institutional investors and hedge funds.
CAG has been the topic of a number of recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Bank of America Corporation reissued a “buy” rating and issued a $43.00 target price (down previously from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Credit Suisse Group set a $39.00 target price on ConAgra Foods and gave the company a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research lowered ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $42.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $42.72.
About ConAgra Foods
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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