Bp Plc maintained its stake in ConAgra Foods Inc. (NYSE:CAG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,000 shares of the company’s stock at the end of the second quarter. Bp Plc’s holdings in ConAgra Foods were worth $1,931,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of CAG. BlackRock Inc. raised its stake in ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after buying an additional 26,020,645 shares during the period. Alliancebernstein L.P. raised its stake in ConAgra Foods by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock valued at $152,788,000 after buying an additional 2,999,723 shares during the period. JPMorgan Chase & Co. raised its stake in ConAgra Foods by 260.2% in the first quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock valued at $124,465,000 after buying an additional 2,228,946 shares during the period. Wells Fargo & Company MN raised its stake in ConAgra Foods by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock valued at $295,959,000 after buying an additional 1,706,553 shares during the period. Finally, State of Tennessee Treasury Department raised its stake in ConAgra Foods by 938.3% in the first quarter. State of Tennessee Treasury Department now owns 1,344,018 shares of the company’s stock valued at $54,218,000 after buying an additional 1,214,577 shares during the period. Hedge funds and other institutional investors own 77.64% of the company’s stock.
Shares of ConAgra Foods Inc. (CAG) opened at 34.06 on Friday. The stock has a market cap of $14.19 billion, a price-to-earnings ratio of 23.33 and a beta of 0.32. ConAgra Foods Inc. has a 52 week low of $32.93 and a 52 week high of $41.68. The stock’s 50 day moving average is $34.54 and its 200 day moving average is $38.30.
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, hitting the Zacks’ consensus estimate of $0.37. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 earnings per share. On average, equities analysts forecast that ConAgra Foods Inc. will post $1.86 EPS for the current year.
ConAgra Foods declared that its Board of Directors has authorized a share buyback program on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be given a dividend of $0.2125 per share. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 27th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.50%. ConAgra Foods’s dividend payout ratio is currently 57.82%.
Several equities research analysts have commented on CAG shares. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Morgan Stanley reiterated an “overweight” rating and issued a $42.00 price objective (down previously from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Zacks Investment Research lowered shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Finally, BidaskClub lowered shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. ConAgra Foods currently has a consensus rating of “Hold” and an average price target of $42.72.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were 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 in the company, valued at $2,965,217.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate 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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