Shares of ConAgra Foods Inc. (NYSE:CAG) have been given an average recommendation of “Hold” by the fifteen research firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $41.84.
Several research firms have issued reports on CAG. UBS AG lowered ConAgra Foods from a “neutral” rating to a “sell” rating and cut their target price for the company from $38.00 to $35.00 in a research note on Tuesday, April 25th. Credit Suisse Group set a $39.00 price target on ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. Bank of America Corporation restated a “buy” rating and set a $43.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Morgan Stanley restated an “overweight” rating and set a $42.00 price target (down previously from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th.
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In other ConAgra Foods news, Director Stephen G. Butler sold 5,848 shares of the stock in a transaction dated Monday, July 3rd. The stock was 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 SEC, which is available at this link. 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 value of $200,848.12. Following 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. Corporate insiders own 0.58% of the company’s stock.
Several large investors have recently modified their holdings of CAG. Oppenheimer Asset Management Inc. purchased a new position in ConAgra Foods during the first quarter worth about $110,000. Advisors Asset Management Inc. increased its position in ConAgra Foods by 75.7% in the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock worth $120,000 after buying an additional 1,287 shares in the last quarter. Alpha Windward LLC increased its position in ConAgra Foods by 7.9% in the first quarter. Alpha Windward LLC now owns 3,382 shares of the company’s stock worth $136,000 after buying an additional 247 shares in the last quarter. Rational Advisors LLC increased its position in ConAgra Foods by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock worth $141,000 after buying an additional 438 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in ConAgra Foods by 53.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after buying an additional 1,333 shares in the last quarter. 77.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of ConAgra Foods (NYSE:CAG) traded up 0.06% during trading on Friday, reaching $34.19. 3,619,896 shares of the company traded hands. ConAgra Foods has a 12-month low of $32.93 and a 12-month high of $41.68. The stock has a market capitalization of $14.24 billion, a PE ratio of 23.42 and a beta of 0.32. The firm’s 50-day moving average is $34.95 and its 200-day moving average is $38.43.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities analysts predict that ConAgra Foods will post $1.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, July 31st will be issued a $0.2125 dividend. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, July 27th. ConAgra Foods’s dividend payout ratio is presently 57.82%.
ConAgra Foods declared that its board has authorized a share repurchase program on Thursday, June 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
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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