US Bancorp DE decreased its stake in ConAgra Foods Inc. (NYSE:CAG) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 725,874 shares of the company’s stock after selling 12,005 shares during the period. US Bancorp DE’s holdings in ConAgra Foods were worth $25,958,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CAG. Dimensional Fund Advisors LP raised its position in ConAgra Foods by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,038,863 shares of the company’s stock valued at $41,088,000 after buying an additional 36,605 shares during the period. Thrivent Financial for Lutherans raised its position in ConAgra Foods by 6.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,440 shares of the company’s stock valued at $571,000 after buying an additional 820 shares during the period. UBS Asset Management Americas Inc. raised its position in ConAgra Foods by 0.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,234,851 shares of the company’s stock valued at $48,840,000 after buying an additional 11,344 shares during the period. Kentucky Retirement Systems purchased a new position in ConAgra Foods during the fourth quarter valued at approximately $1,194,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in ConAgra Foods during the fourth quarter valued at approximately $533,000. Hedge funds and other institutional investors own 75.89% of the company’s stock.
ConAgra Foods Inc. (CAG) traded up 0.18% during mid-day trading on Friday, hitting $33.81. 1,102,815 shares of the stock traded hands. ConAgra Foods Inc. has a 12-month low of $32.93 and a 12-month high of $48.86. The company has a 50 day moving average of $36.58 and a 200-day moving average of $38.80. The stock has a market cap of $14.21 billion, a PE ratio of 22.84 and a beta of 0.33.
ConAgra Foods (NYSE:CAG) last announced its earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting analysts’ consensus estimates of $0.37. The business 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%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. Equities research analysts forecast that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders 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 2.52%. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 27th. ConAgra Foods’s payout ratio is presently 54.42%.
ConAgra Foods declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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CAG has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their price objective on shares of ConAgra Foods from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, March 24th. UBS AG lowered shares of ConAgra Foods from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $38.00 to $35.00 in a research note on Tuesday, April 25th. Zacks Investment Research lowered shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. J P Morgan Chase & Co reduced their price objective on shares of ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, May 31st. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. 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 company presently has a consensus rating of “Hold” and a consensus price target of $42.72.
In other news, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction 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. 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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