First Mercantile Trust Co. cut its position in shares of ConAgra Foods Inc. (NYSE:CAG) by 61.7% during the second quarter, Holdings Channel reports. The fund owned 14,150 shares of the company’s stock after selling 22,750 shares during the period. First Mercantile Trust Co.’s holdings in ConAgra Foods were worth $506,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. CAPROCK Group Inc. boosted its position in ConAgra Foods by 1.0% in the first quarter. CAPROCK Group Inc. now owns 8,909 shares of the company’s stock valued at $359,000 after buying an additional 89 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its position in ConAgra Foods by 3.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 74,416 shares of the company’s stock valued at $3,002,000 after buying an additional 2,356 shares in the last quarter. Wagner Bowman Management Corp boosted its position in ConAgra Foods by 4.5% in the first quarter. Wagner Bowman Management Corp now owns 9,339 shares of the company’s stock valued at $376,000 after buying an additional 400 shares in the last quarter. State of Alaska Department of Revenue boosted its position in ConAgra Foods by 21.2% in the first quarter. State of Alaska Department of Revenue now owns 164,201 shares of the company’s stock valued at $6,623,000 after buying an additional 28,739 shares in the last quarter. Finally, Huntington National Bank boosted its position in ConAgra Foods by 0.9% in the first quarter. Huntington National Bank now owns 11,254 shares of the company’s stock valued at $454,000 after buying an additional 103 shares in the last quarter. 77.33% of the stock is owned by hedge funds and other institutional investors.
ConAgra Foods Inc. (CAG) opened at 34.90 on Wednesday. The company has a market cap of $14.54 billion, a price-to-earnings ratio of 23.90 and a beta of 0.32. ConAgra Foods Inc. has a 52 week low of $32.93 and a 52 week high of $48.86. The stock’s 50 day moving average price is $34.33 and its 200-day moving average price is $38.20.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting analysts’ consensus estimates of $0.37. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. ConAgra Foods’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 EPS. On average, equities research analysts forecast that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
ConAgra Foods announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be issued 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 57.82%.
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Several analysts recently issued reports on CAG shares. UBS AG lowered ConAgra Foods from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $38.00 to $35.00 in a report on Tuesday, April 25th. BidaskClub upgraded ConAgra Foods from a “strong sell” rating to a “sell” rating in a report on Saturday. Credit Suisse Group set a $39.00 target price on ConAgra Foods and gave the stock a “hold” rating in a report on Saturday, July 1st. J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 target price (down previously from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Finally, Zacks Investment Research upgraded ConAgra Foods from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
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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