Rational Advisors LLC Has $125,000 Position in ConAgra Foods Inc. (CAG)
Rational Advisors LLC continued to hold its stake in shares of ConAgra Foods Inc. (NYSE:CAG) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,507 shares of the company’s stock at the end of the second quarter. Rational Advisors LLC’s holdings in ConAgra Foods were worth $125,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. CAPROCK Group Inc. raised its stake in ConAgra Foods by 1.0% in the first quarter. CAPROCK Group Inc. now owns 8,909 shares of the company’s stock worth $359,000 after buying an additional 89 shares during the period. Candriam Luxembourg S.C.A. raised its stake in ConAgra Foods by 3.3% in the first quarter. Candriam Luxembourg S.C.A. now owns 74,416 shares of the company’s stock worth $3,002,000 after buying an additional 2,356 shares during the period. Wagner Bowman Management Corp raised its stake in ConAgra Foods by 4.5% in the first quarter. Wagner Bowman Management Corp now owns 9,339 shares of the company’s stock worth $376,000 after buying an additional 400 shares during the period. State of Alaska Department of Revenue raised its stake in ConAgra Foods by 21.2% in the first quarter. State of Alaska Department of Revenue now owns 164,201 shares of the company’s stock worth $6,623,000 after buying an additional 28,739 shares during the period. Finally, Huntington National Bank raised its stake in ConAgra Foods by 0.9% in the first quarter. Huntington National Bank now owns 11,254 shares of the company’s stock worth $454,000 after buying an additional 103 shares during the period. 77.33% of the stock is owned by hedge funds and other institutional investors.
ConAgra Foods Inc. (NYSE:CAG) opened at 34.90 on Wednesday. ConAgra Foods Inc. has a one year low of $32.93 and a one year high of $48.86. The company has a market capitalization of $14.54 billion, a P/E ratio of 23.90 and a beta of 0.32. The firm has a 50-day moving average of $34.33 and a 200-day moving average of $38.20.
ConAgra Foods (NYSE:CAG) last announced its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $1.86 billion during 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 business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. On average, analysts anticipate that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The business also recently disclosed 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 represents a $0.85 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, July 27th. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s dividend payout ratio (DPR) is presently 57.82%.
ConAgra Foods declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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A number of research firms recently weighed in on CAG. Credit Suisse Group set a $39.00 price objective on shares of ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. UBS AG reaffirmed a “sell” rating and issued a $33.00 price objective (down from $35.00) on shares of ConAgra Foods in a research note on Friday, June 30th. Bank of America Corporation reaffirmed a “buy” rating and issued a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Jefferies Group LLC reaffirmed 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 company has a consensus rating of “Hold” and an average price target of $42.72.
In other 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods 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 completion of the transaction, the director now owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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