Analysts Expect ConAgra Foods Inc. (CAG) Will Announce Quarterly Sales of $1.78 Billion
Analysts expect ConAgra Foods Inc. (NYSE:CAG) to post $1.78 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for ConAgra Foods’ earnings, with the highest sales estimate coming in at $1.80 billion and the lowest estimate coming in at $1.77 billion. ConAgra Foods reported sales of $2.67 billion in the same quarter last year, which would indicate a negative year over year growth rate of 33.3%. The business is expected to announce its next earnings results on Thursday, October 5th.
On average, analysts expect that ConAgra Foods will report full year sales of $1.78 billion for the current fiscal year, with estimates ranging from $7.54 billion to $7.70 billion. For the next year, analysts anticipate that the company will report sales of $7.64 billion per share, with estimates ranging from $7.37 billion to $7.74 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for ConAgra Foods.
ConAgra Foods (NYSE:CAG) last released its earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Zacks’ consensus estimate 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 return on equity of 20.29% and a net margin of 7.43%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share.
CAG has been the subject of a number of research analyst reports. UBS AG cut shares of ConAgra Foods from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $38.00 to $35.00 in a report on Tuesday, April 25th. Zacks Investment Research cut shares of ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co reduced their target price on shares of ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, May 31st. Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Finally, Morgan Stanley reissued an “overweight” rating and set a $42.00 target price (down previously from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued 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 the firm’s stock in a transaction dated 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 $2,965,217.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen G. Butler sold 5,848 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was 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. Company insiders own 0.58% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. purchased a new position in shares of ConAgra Foods during the first quarter worth approximately $110,000. Bronfman E.L. Rothschild L.P. increased its position in shares of ConAgra Foods by 143.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after buying an additional 1,851 shares during the period. Advisors Asset Management Inc. increased its position 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 position in shares of ConAgra Foods by 5.8% in the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after buying an additional 196 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of ConAgra Foods by 53.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after buying an additional 1,333 shares during the period. 77.64% of the stock is currently owned by hedge funds and other institutional investors.
ConAgra Foods (NYSE:CAG) opened at 34.80 on Friday. ConAgra Foods has a 1-year low of $32.93 and a 1-year high of $41.68. The company has a 50-day moving average price of $34.48 and a 200-day moving average price of $38.27. The company has a market cap of $14.50 billion, a PE ratio of 23.84 and a beta of 0.32.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be paid a $0.2125 dividend. 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 2.44%. The ex-dividend date is Thursday, July 27th. ConAgra Foods’s dividend payout ratio (DPR) is currently 57.82%.
ConAgra Foods declared that its board has authorized a stock buyback program on Thursday, June 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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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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