Sheaff Brock Investment Advisors LLC lowered its stake in ConAgra Foods Inc. (NYSE:CAG) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,367 shares of the company’s stock after selling 400 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in ConAgra Foods were worth $514,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its position in ConAgra Foods by 12.3% in the 1st quarter. Geode Capital Management LLC now owns 4,266,630 shares of the company’s stock worth $171,882,000 after buying an additional 467,789 shares during the last quarter. Paradigm Asset Management Co. LLC increased its stake in shares of ConAgra Foods by 7.5% during the second quarter. Paradigm Asset Management Co. LLC now owns 100,470 shares of the company’s stock valued at $3,593,000 after buying an additional 7,000 shares during the period. Bank of Nova Scotia increased its stake in shares of ConAgra Foods by 259.4% during the first quarter. Bank of Nova Scotia now owns 101,920 shares of the company’s stock valued at $4,112,000 after buying an additional 73,561 shares during the period. Schnieders Capital Management LLC increased its stake in shares of ConAgra Foods by 2.0% during the first quarter. Schnieders Capital Management LLC now owns 11,275 shares of the company’s stock valued at $455,000 after buying an additional 225 shares during the period. Finally, Family Legacy Inc. purchased a new position in shares of ConAgra Foods during the first quarter valued at approximately $947,000. Hedge funds and other institutional investors own 78.42% of the company’s stock.
A number of research analysts have recently issued reports on CAG shares. Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 price target (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Credit Suisse Group reiterated a “hold” rating and set a $39.00 price objective on shares of ConAgra Foods in a research report on Friday, August 11th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. Finally, Morgan Stanley restated an “overweight” rating and issued a $42.00 price target (down previously from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three 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. The stock presently has an average rating of “Hold” and an average price target of $42.72.
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Shares of ConAgra Foods Inc. (NYSE CAG) traded up 1.54% during midday trading on Friday, hitting $35.01. The company had a trading volume of 4,881,215 shares. The company has a market capitalization of $14.59 billion, a PE ratio of 23.98 and a beta of 0.33. The company has a 50-day moving average of $34.11 and a 200-day moving average of $37.31. ConAgra Foods Inc. has a 12 month low of $32.16 and a 12 month high of $41.68.
ConAgra Foods (NYSE:CAG) last released its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The company’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 EPS. Analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
ConAgra Foods announced that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, July 31st were given a dividend of $0.2125 per share. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Thursday, July 27th. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s dividend payout ratio is currently 57.82%.
In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 89,260 shares in the company, valued at approximately $2,965,217.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was 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. 0.79% of the stock is owned by corporate 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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