ConAgra Foods Inc. (CAG) Rating Reiterated by Credit Suisse Group
ConAgra Foods Inc. (NYSE:CAG)‘s stock had its “hold” rating reaffirmed by investment analysts at Credit Suisse Group in a report released on Friday. They currently have a $39.00 price target on the stock. Credit Suisse Group’s price target points to a potential upside of 12.07% from the stock’s previous close.
Several other equities research analysts have also recently commented on CAG. UBS AG cut shares of ConAgra Foods from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $38.00 to $35.00 in a research report on Tuesday, April 25th. BidaskClub raised ConAgra Foods from a “strong sell” rating to a “sell” rating in a research note on Saturday. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Zacks Investment Research raised ConAgra Foods from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. 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 company’s stock. The stock has a consensus rating of “Hold” and an average price target of $42.72.
Shares of ConAgra Foods (NYSE:CAG) traded up 2.17% during trading on Friday, hitting $34.80. 3,276,892 shares of the stock were exchanged. The stock has a market cap of $14.50 billion, a P/E ratio of 23.84 and a beta of 0.32. The stock has a 50-day moving average of $34.48 and a 200 day moving average of $38.27. ConAgra Foods has a 12-month low of $32.93 and a 12-month high of $41.68.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the business earned $0.52 earnings per share. ConAgra Foods’s revenue for the quarter was down 9.3% compared to the same quarter last year. Equities analysts predict that ConAgra Foods will post $1.86 earnings per share for the current fiscal year.
ConAgra Foods declared that its board has authorized a stock buyback plan 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 plans are generally an indication that the company’s board of directors believes its stock is undervalued.
ILLEGAL ACTIVITY WARNING: This report was reported by Watch List News and is the sole property of of Watch List News. If you are viewing this report on another site, it was stolen and republished in violation of US & international copyright and trademark legislation. The correct version of this report can be accessed at https://www.watchlistnews.com/conagra-foods-inc-cag-rating-reiterated-by-credit-suisse-group/1479920.html.
In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the transaction, the director now owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction dated Monday, July 3rd. The shares were 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. Insiders own 0.58% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank boosted its position in ConAgra Foods by 0.9% in the first quarter. Huntington National Bank now owns 11,254 shares of the company’s stock valued at $454,000 after buying an additional 103 shares during the period. Beech Hill Advisors Inc. acquired a new position in ConAgra Foods during the first quarter valued at $242,000. Bollard Group LLC boosted its position in ConAgra Foods by 12.1% in the first quarter. Bollard Group LLC now owns 79,792 shares of the company’s stock valued at $3,219,000 after buying an additional 8,598 shares during the period. Patten & Patten Inc. TN boosted its position in ConAgra Foods by 5.1% in the first quarter. Patten & Patten Inc. TN now owns 8,959 shares of the company’s stock valued at $361,000 after buying an additional 434 shares during the period. Finally, DnB Asset Management AS boosted its position in ConAgra Foods by 25.4% in the first quarter. DnB Asset Management AS now owns 62,771 shares of the company’s stock valued at $2,532,000 after buying an additional 12,700 shares during the period. 77.64% 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.
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.