Meiji Yasuda Life Insurance Co raised its position in ConAgra Foods Inc. (NYSE:CAG) by 21.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,810 shares of the company’s stock after purchasing an additional 1,700 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in ConAgra Foods were worth $351,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in CAG. Waldron LP bought a new position in ConAgra Foods in the 1st quarter valued at $216,000. Eqis Capital Management Inc. boosted its holdings in ConAgra Foods by 27.9% in the 1st quarter. Eqis Capital Management Inc. now owns 7,101 shares of the company’s stock valued at $286,000 after purchasing an additional 1,550 shares during the period. Chicago Equity Partners LLC boosted its holdings in ConAgra Foods by 2.2% in the 1st quarter. Chicago Equity Partners LLC now owns 13,190 shares of the company’s stock valued at $532,000 after purchasing an additional 290 shares during the period. Advisors Asset Management Inc. boosted its holdings in ConAgra Foods by 75.7% in the 1st quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after purchasing an additional 1,287 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in ConAgra Foods by 6.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $456,000 after purchasing an additional 700 shares during the period. 78.42% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on CAG shares. BidaskClub downgraded shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Zacks Investment Research downgraded shares of ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $42.00 price objective (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. ConAgra Foods has a consensus rating of “Hold” and an average price target of $42.72.
ConAgra Foods Inc. (NYSE:CAG) traded up 0.78% during mid-day trading on Friday, reaching $34.75. 634,345 shares of the company’s stock traded hands. The stock has a market capitalization of $14.48 billion, a PE ratio of 23.80 and a beta of 0.33. ConAgra Foods Inc. has a 12-month low of $32.16 and a 12-month high of $41.68. The stock has a 50-day moving average price of $34.09 and a 200-day moving average price of $37.35.
ConAgra Foods (NYSE:CAG) last released its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The business’s revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS. Equities research analysts expect that ConAgra Foods Inc. will post $1.86 EPS for the current year.
ConAgra Foods announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, July 31st were issued a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend was Thursday, July 27th. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s dividend payout ratio (DPR) is 57.82%.
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In other news, Director Stephen G. Butler sold 5,848 shares of the firm’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction dated 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 owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.
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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