Rhumbline Advisers Sells 110,565 Shares of ConAgra Foods Inc. (CAG)
Rhumbline Advisers reduced its stake in shares of ConAgra Foods Inc. (NYSE:CAG) by 12.4% during the second quarter, Holdings Channel reports. The institutional investor owned 779,452 shares of the company’s stock after selling 110,565 shares during the period. Rhumbline Advisers’ holdings in ConAgra Foods were worth $27,873,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of the stock. Oppenheimer Asset Management Inc. acquired a new stake in ConAgra Foods during the first quarter valued at approximately $110,000. Advisors Asset Management Inc. raised its stake in ConAgra Foods by 75.7% in the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after buying an additional 1,287 shares in the last quarter. Alpha Windward LLC raised its stake in ConAgra Foods by 5.8% in the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after buying an additional 196 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in 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 valued at $137,000 after buying an additional 1,333 shares in the last quarter. Finally, Rational Advisors LLC raised its stake in ConAgra Foods by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock valued at $141,000 after buying an additional 438 shares in the last quarter. Institutional investors and hedge funds own 77.33% of the company’s stock.
ConAgra Foods Inc. (NYSE:CAG) opened at 34.89 on Tuesday. The company has a market cap of $14.54 billion, a price-to-earnings ratio of 23.90 and a beta of 0.32. ConAgra Foods Inc. has a 1-year low of $32.93 and a 1-year high of $48.86. The company’s 50 day moving average is $34.41 and its 200 day moving average is $38.23.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings data on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last 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. Equities research analysts forecast that ConAgra Foods Inc. will post $1.86 EPS for the current year.
ConAgra Foods declared that its Board of Directors has initiated a share repurchase program on Thursday, June 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be paid a $0.2125 dividend. The ex-dividend date is Thursday, July 27th. This represents a $0.85 dividend on an annualized basis and a yield of 2.44%. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is currently 57.82%.
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Several equities research analysts have recently commented on CAG shares. Jefferies Group LLC restated a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Bank of America Corporation restated a “buy” rating and issued a $43.00 price target (down previously from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Credit Suisse Group set a $39.00 price target on shares of ConAgra Foods and gave the company a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research lowered 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 restated an “overweight” rating and issued a $42.00 price target (down previously from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction that occurred 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 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. 0.58% of the stock is owned by 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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