Tokio Marine Asset Management Co. Ltd. decreased its stake in ConAgra Foods Inc. (NYSE:CAG) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,969 shares of the company’s stock after selling 418 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in ConAgra Foods were worth $213,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the company. Private Bank & Trust Co. raised its stake in shares of ConAgra Foods by 0.5% in the first quarter. Private Bank & Trust Co. now owns 6,027 shares of the company’s stock valued at $243,000 after buying an additional 27 shares in the last quarter. Transamerica Financial Advisors Inc. raised its stake in shares of ConAgra Foods by 0.3% in the first quarter. Transamerica Financial Advisors Inc. now owns 11,777 shares of the company’s stock valued at $476,000 after buying an additional 41 shares in the last quarter. First Midwest Bank Trust Division raised its stake in shares of ConAgra Foods by 0.8% in the first quarter. First Midwest Bank Trust Division now owns 6,559 shares of the company’s stock valued at $265,000 after buying an additional 50 shares in the last quarter. Sfmg LLC raised its stake in shares of ConAgra Foods by 0.4% in the first quarter. Sfmg LLC now owns 12,754 shares of the company’s stock valued at $514,000 after buying an additional 50 shares in the last quarter. Finally, Hancock Holding Co. raised its stake in shares of ConAgra Foods by 0.3% in the first quarter. Hancock Holding Co. now owns 19,399 shares of the company’s stock valued at $783,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.
ConAgra Foods Inc. (CAG) traded down 0.75% during mid-day trading on Friday, reaching $34.46. 2,605,718 shares of the company were exchanged. The company’s 50 day moving average price is $34.16 and its 200-day moving average price is $38.12. The stock has a market capitalization of $14.36 billion, a P/E ratio of 23.60 and a beta of 0.32. ConAgra Foods Inc. has a 12 month low of $32.93 and a 12 month high of $41.68.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. The business had revenue of $1.86 billion during 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%. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. On average, equities analysts expect that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
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 dividend of $0.2125 per share. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, July 27th. ConAgra Foods’s dividend payout ratio (DPR) is currently 57.82%.
ConAgra Foods announced that its board has initiated a share buyback plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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Several brokerages recently commented on CAG. Credit Suisse Group set a $39.00 price target on shares of ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. UBS AG restated a “sell” rating and issued a $33.00 price objective (down from $35.00) on shares of ConAgra Foods in a research note on Friday, June 30th. Bank of America Corporation restated a “buy” rating and issued a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Morgan Stanley restated an “overweight” rating and issued a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Jefferies Group LLC restated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $42.72.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the firm’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 transaction of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $209,358.40. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
ConAgra Foods Company Profile
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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