ConAgra Foods Inc. (CAG) Rating Reiterated by Bank of America Corp.
ConAgra Foods Inc. (NYSE:CAG)‘s stock had its “buy” rating reiterated by stock analysts at Bank of America Corp. in a research report issued to clients and investors on Monday. They presently have a $52.00 price objective on the stock. Bank of America Corp.’s target price would indicate a potential upside of 21.78% from the company’s previous close.
Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $50.00 target price (up from $48.00) on shares of ConAgra Foods in a report on Monday, June 27th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $49.00 price objective on shares of ConAgra Foods in a report on Wednesday, June 29th. Deutsche Bank AG reiterated a “hold” rating and issued a $48.00 price objective on shares of ConAgra Foods in a report on Wednesday, July 6th. Citigroup Inc. reiterated a “neutral” rating and issued a $50.00 price objective on shares of ConAgra Foods in a report on Thursday, June 30th. Finally, Jefferies Group upped their price objective on shares of ConAgra Foods from $55.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.36.
Shares of ConAgra Foods (NYSE:CAG) opened at 42.70 on Monday. ConAgra Foods has a 12 month low of $37.97 and a 12 month high of $48.81. The firm’s market cap is $18.73 billion. The company’s 50 day moving average is $45.74 and its 200-day moving average is $45.77.
ConAgra Foods (NYSE:CAG) last issued its earnings results on Thursday, June 30th. The company reported $0.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.52. The business had revenue of $2.83 billion for the quarter. ConAgra Foods had a negative net margin of 6.57% and a positive return on equity of 27.17%. ConAgra Foods’s quarterly revenue was down 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Equities research analysts predict that ConAgra Foods will post $2.40 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Friday, July 29th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $1.00 annualized dividend and a yield of 2.34%. ConAgra Foods’s dividend payout ratio is -56.50%.
In related news, Director William G. Jurgensen sold 4,636 shares of the company’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $47.88, for a total transaction of $221,971.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John Gehring sold 159,057 shares of the company’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $48.14, for a total transaction of $7,657,003.98. Following the sale, the chief financial officer now directly owns 157,452 shares of the company’s stock, valued at approximately $7,579,739.28. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
A number of large investors have recently bought and sold shares of CAG. Westbourne Investment Advisors Inc. acquired a new position in shares of ConAgra Foods during the second quarter valued at approximately $100,000. Stuart Chaussee & Associates Inc. increased its position in shares of ConAgra Foods by 166.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 2,690 shares of the company’s stock valued at $130,000 after buying an additional 1,680 shares during the last quarter. Financial Architects Inc increased its position in shares of ConAgra Foods by 71.7% in the second quarter. Financial Architects Inc now owns 3,830 shares of the company’s stock valued at $183,000 after buying an additional 1,600 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of ConAgra Foods during the second quarter valued at approximately $194,000. Finally, InterOcean Capital LLC acquired a new position in shares of ConAgra Foods during the second quarter valued at approximately $201,000. 75.33% of the stock is owned by institutional investors and hedge funds.
About ConAgra Foods
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.
Receive News & Ratings for ConAgra Foods Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConAgra Foods Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.