ConAgra Foods Inc. (CAG) Lowered to “Strong Sell” at BidaskClub
BidaskClub cut shares of ConAgra Foods Inc. (NYSE:CAG) from a sell rating to a strong sell rating in a report published on Saturday.
Several other equities analysts have also weighed in on CAG. Zacks Investment Research lowered shares of ConAgra Foods from a buy rating to a hold rating in a report on Monday, May 22nd. J P Morgan Chase & Co cut 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 reaffirmed a buy rating on shares of ConAgra Foods in a report on Friday, June 16th. Morgan Stanley reaffirmed an overweight rating and set a $42.00 target price (down from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Finally, Bank of America Corporation reaffirmed a buy rating and set a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $42.72.
Shares of ConAgra Foods (NYSE:CAG) opened at 32.43 on Friday. ConAgra Foods has a 52 week low of $32.29 and a 52 week high of $48.86. The stock’s 50 day moving average is $34.02 and its 200 day moving average is $37.93. The stock has a market cap of $13.51 billion, a price-to-earnings ratio of 22.21 and a beta of 0.32.
ConAgra Foods (NYSE:CAG) last posted its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The business’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. On average, equities analysts forecast that ConAgra Foods will post $1.86 EPS for the current year.
ConAgra Foods announced that its Board of Directors has initiated a stock repurchase program on Thursday, June 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, July 31st will be paid a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 2.62%. The ex-dividend date is Thursday, July 27th. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is 57.82%.
In other ConAgra Foods news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total transaction of $209,358.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods 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 sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
Large investors have recently made changes to their positions in the company. Sfmg LLC boosted its stake in shares of ConAgra Foods by 0.4% in the first quarter. Sfmg LLC now owns 12,754 shares of the company’s stock valued at $514,000 after buying an additional 50 shares during the period. Wells Fargo & Company MN boosted its stake 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 valued at $295,959,000 after buying an additional 1,706,553 shares during the period. Geode Capital Management LLC boosted its stake 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 valued at $171,882,000 after buying an additional 467,789 shares during the period. Paradigm Asset Management Co. LLC boosted its stake in shares of ConAgra Foods by 7.5% in the second quarter. Paradigm Asset Management Co. LLC now owns 100,470 shares of the company’s stock valued at $3,593,000 after buying an additional 7,000 shares during the period. Finally, Bank of Nova Scotia boosted its stake in shares of ConAgra Foods by 259.4% in the first quarter. Bank of Nova Scotia now owns 101,920 shares of the company’s stock valued at $4,112,000 after buying an additional 73,561 shares during the period. 78.40% of the stock is currently owned by institutional investors.
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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