Pictet Asset Management Ltd. Sells 1,900 Shares of ConAgra Foods Inc. (NYSE:CAG)
Pictet Asset Management Ltd. decreased its position in shares of ConAgra Foods Inc. (NYSE:CAG) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 415,437 shares of the company’s stock after selling 1,900 shares during the period. Pictet Asset Management Ltd.’s holdings in ConAgra Foods were worth $16,011,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of ConAgra Foods by 2.6% in the first quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock worth $1,868,249,000 after buying an additional 1,175,244 shares during the period. BlackRock Inc. raised its stake in shares of ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after buying an additional 26,020,645 shares during the period. Wells Fargo & Company MN raised 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 worth $295,959,000 after buying an additional 1,706,553 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of ConAgra Foods by 21.6% in the first quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock worth $265,271,000 after buying an additional 1,169,432 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of ConAgra Foods by 13.9% in the first quarter. American Century Companies Inc. now owns 6,177,203 shares of the company’s stock worth $249,188,000 after buying an additional 753,028 shares during the period. Institutional investors and hedge funds own 77.64% of the company’s stock.
Shares of ConAgra Foods Inc. (CAG) opened at 34.80 on Friday. The company has a market cap of $14.50 billion, a price-to-earnings 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 Inc. has a 1-year low of $32.93 and a 1-year high of $41.68.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the company earned $0.52 earnings per share. The company’s revenue was down 9.3% on a year-over-year basis. On average, equities analysts forecast that ConAgra Foods Inc. will post $1.86 EPS for the current year.
ConAgra Foods announced that its board has approved a stock repurchase program on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are 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 dividend of $0.2125 per share. The ex-dividend date of this dividend is Thursday, July 27th. 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%. ConAgra Foods’s dividend payout ratio (DPR) is presently 57.82%.
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A number of analysts have commented on CAG shares. BidaskClub lowered shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. UBS AG lowered shares of ConAgra Foods from a “neutral” rating to a “sell” rating and decreased their price target for the company from $38.00 to $35.00 in a research note on Tuesday, April 25th. Jefferies Group LLC restated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Finally, Credit Suisse Group set a $39.00 price target on shares of ConAgra Foods and gave the company a “hold” rating in a research note on Saturday, July 1st. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total value of $209,358.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $200,848.12. Following the completion of the sale, the director now owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
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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