Main Street Research LLC raised its position in ConAgra Foods Inc. (NYSE:CAG) by 4.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 239,434 shares of the company’s stock after buying an additional 10,710 shares during the period. Main Street Research LLC owned 0.06% of ConAgra Foods worth $8,562,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of CAG. Sfmg LLC boosted its position in shares of ConAgra Foods by 0.4% in the first quarter. Sfmg LLC now owns 12,754 shares of the company’s stock worth $514,000 after buying an additional 50 shares during the period. Wells Fargo & Company MN boosted its position in shares of ConAgra Foods by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock worth $295,959,000 after buying an additional 1,706,553 shares during the period. Korea Investment CORP boosted its position in shares of ConAgra Foods by 10.8% in the first quarter. Korea Investment CORP now owns 767,072 shares of the company’s stock worth $30,944,000 after buying an additional 74,909 shares during the period. Geode Capital Management LLC boosted its position in shares of ConAgra Foods by 12.3% in the first 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 period. Finally, Meyer Handelman Co. boosted its stake in ConAgra Foods by 0.6% in the first quarter. Meyer Handelman Co. now owns 647,583 shares of the company’s stock valued at $26,123,000 after buying an additional 3,800 shares during the last quarter. 75.74% of the stock is owned by institutional investors and hedge funds.
Shares of ConAgra Foods Inc. (NYSE CAG) traded down 0.247% during trading on Friday, reaching $34.265. 3,017,636 shares of the company’s stock were exchanged. ConAgra Foods Inc. has a 52-week low of $32.93 and a 52-week high of $41.68. The company has a 50 day moving average of $35.78 and a 200 day moving average of $38.62. The firm has a market capitalization of $14.27 billion, a P/E ratio of 23.469 and a beta of 0.33.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings data 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 business 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%. ConAgra Foods’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 EPS. Equities analysts anticipate that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
The company also recently disclosed 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 an increase 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 is Thursday, July 27th. ConAgra Foods’s dividend payout ratio is currently 54.42%.
ConAgra Foods announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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Several analysts have commented on CAG shares. BidaskClub cut shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. Zacks Investment Research cut 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 reaffirmed an “overweight” rating and issued a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Bank of America Corporation reaffirmed a “buy” rating and issued a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $42.00 target price (down from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $42.72.
In other ConAgra Foods news, Director Stephen G. Butler sold 5,848 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction 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 of the company’s stock, valued at $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
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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