US Bancorp DE decreased its position in shares of ConAgra Foods Inc. (NYSE:CAG) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 725,874 shares of the company’s stock after selling 12,005 shares during the period. US Bancorp DE owned 0.17% of ConAgra Foods worth $25,958,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of ConAgra Foods during the first quarter worth about $110,000. Advisors Asset Management Inc. increased its stake in shares of 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 during the period. Alpha Windward LLC increased its stake in shares of 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 during the period. Rational Advisors LLC increased its stake in shares of 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 during the period. Finally, North Star Investment Management Corp. increased its stake in shares of ConAgra Foods by 170.3% in the second quarter. North Star Investment Management Corp. now owns 4,130 shares of the company’s stock worth $148,000 after buying an additional 2,602 shares during the period. Hedge funds and other institutional investors own 77.81% of the company’s stock.
ConAgra Foods Inc. (CAG) remained flat at $34.24 during mid-day trading on Monday. The company’s stock had a trading volume of 4,630,562 shares. The company has a 50 day moving average price of $35.64 and a 200 day moving average price of $38.59. The stock has a market capitalization of $14.26 billion, a price-to-earnings ratio of 23.45 and a beta of 0.33. ConAgra Foods Inc. has a 52-week low of $32.93 and a 52-week high of $48.86.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) 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 company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the firm earned $0.52 EPS. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities research analysts predict that ConAgra Foods Inc. will post $1.86 EPS for the current fiscal year.
ConAgra Foods declared that its board has authorized a stock buyback plan on Thursday, June 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be given a dividend of $0.2125 per share. The ex-dividend date of this dividend is Thursday, July 27th. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.48%. ConAgra Foods’s dividend payout ratio (DPR) is 57.82%.
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A number of analysts have issued reports on CAG shares. BidaskClub downgraded ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $42.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $42.00 price objective (down previously from $43.00) on shares of ConAgra Foods in a research note 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 target price of $42.72.
In other news, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction on 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 directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $35.80, for a total value of $209,358.40. The disclosure for this sale can be found here. 0.58% 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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