New Mexico Educational Retirement Board cut its position in ConAgra Foods Inc. (NYSE:CAG) by 10.5% during the second quarter, Holdings Channel reports. The institutional investor owned 37,547 shares of the company’s stock after selling 4,400 shares during the period. New Mexico Educational Retirement Board’s holdings in ConAgra Foods were worth $1,286,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in shares of ConAgra Foods during the first quarter worth approximately $110,000. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. Finally, Rational Advisors LLC increased its position in shares of ConAgra Foods by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock worth $141,000 after buying an additional 438 shares in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

ConAgra Foods Inc. (CAG) opened at 34.80 on Friday. ConAgra Foods Inc. 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 firm has a market capitalization of $14.50 billion, a P/E ratio of 23.84 and a beta of 0.32.

ConAgra Foods (NYSE:CAG) last released its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. Analysts expect that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.

ConAgra Foods declared that its board has authorized a share buyback program on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be issued a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 27th. ConAgra Foods’s payout ratio is 57.82%.

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A number of equities analysts have commented on CAG shares. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Credit Suisse Group set a $39.00 target price on shares of ConAgra Foods and gave the stock a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research downgraded shares of ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and issued a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. ConAgra Foods has an average rating of “Hold” and a consensus target price of $42.72.

In other news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of 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 hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was 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.

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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Institutional Ownership by Quarter for ConAgra Foods (NYSE:CAG)

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