ConAgra Foods Inc. (CAG) Rating Reiterated by Bank of America Corp.
ConAgra Foods Inc. (NYSE:CAG)‘s stock had its “buy” rating reiterated by research analysts at Bank of America Corp. in a research note issued on Monday. They presently have a $52.00 price target on the stock. Bank of America Corp.’s price target would suggest a potential upside of 21.78% from the stock’s current price.
Several other brokerages also recently commented on CAG. Jefferies Group raised their target price on ConAgra Foods from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Citigroup Inc. reiterated a “neutral” rating and set a $50.00 price target on shares of ConAgra Foods in a research report on Thursday, June 30th. Zacks Investment Research upgraded ConAgra Foods from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, June 8th. Deutsche Bank AG reiterated a “hold” rating and set a $48.00 price target on shares of ConAgra Foods in a research report on Wednesday, July 6th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $49.00 price target on shares of ConAgra Foods in a research report on Wednesday, June 29th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.36.
Shares of ConAgra Foods (NYSE:CAG) opened at 42.70 on Monday. The firm’s 50-day moving average is $45.74 and its 200-day moving average is $45.77. ConAgra Foods has a 52-week low of $37.97 and a 52-week high of $48.81. The firm’s market cap is $18.73 billion.
ConAgra Foods (NYSE:CAG) last issued its earnings results on Thursday, June 30th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. ConAgra Foods had a positive return on equity of 27.17% and a negative net margin of 6.57%. The business earned $2.83 billion during the quarter. During the same quarter in the prior year, the business earned $0.59 EPS. The firm’s revenue for the quarter was down 9.5% compared to the same quarter last year. Analysts anticipate that ConAgra Foods will post $2.40 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Friday, July 29th were given a $0.25 dividend. The ex-dividend date was Wednesday, July 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. ConAgra Foods’s payout ratio is -56.50%.
In other ConAgra Foods news, SVP Robert G. Wise sold 36,654 shares of ConAgra Foods stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $48.16, for a total value of $1,765,256.64. Following the transaction, the senior vice president now directly owns 55,272 shares of the company’s stock, valued at approximately $2,661,899.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert G. Wise sold 15,708 shares of ConAgra Foods stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $47.90, for a total value of $752,413.20. Following the completion of the transaction, the senior vice president now directly owns 34,326 shares in the company, valued at $1,644,215.40. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the company. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of ConAgra Foods during the second quarter worth approximately $842,000. Kentucky Retirement Systems bought a new position in shares of ConAgra Foods during the second quarter worth approximately $1,774,000. Nomura Holdings Inc. boosted its position in shares of ConAgra Foods by 130.2% in the second quarter. Nomura Holdings Inc. now owns 126,875 shares of the company’s stock worth $6,055,000 after buying an additional 71,752 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in shares of ConAgra Foods by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,649 shares of the company’s stock worth $796,000 after buying an additional 73 shares during the period. Finally, Mason Street Advisors LLC bought a new position in shares of ConAgra Foods during the second quarter worth approximately $2,810,000. 75.33% of the stock is currently owned by institutional investors and hedge funds.
ConAgra Foods Company Profile
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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