ConAgra Foods Inc. (NYSE:CAG) posted its quarterly earnings results on Thursday. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.13. The business earned $2.67 billion during the quarter. ConAgra Foods had a net margin of 5.76% and a return on equity of 28.48%. ConAgra Foods’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share.
Shares of ConAgra Foods (NYSE:CAG) opened at 47.11 on Monday. The firm’s market cap is $20.67 billion. ConAgra Foods has a 52 week low of $37.97 and a 52 week high of $48.81. The stock has a 50 day moving average of $45.18 and a 200 day moving average of $45.78.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, October 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.12%. ConAgra Foods’s payout ratio is 66.67%.
A number of analysts have recently issued reports on the stock. Royal Bank Of Canada reissued a “sector perform” rating and issued a $50.00 price target (up from $48.00) on shares of ConAgra Foods in a research report on Monday, June 27th. Bank of America Corp. reissued a “buy” rating and issued a $52.00 price target on shares of ConAgra Foods in a research report on Monday, September 19th. Deutsche Bank AG reduced their price target on shares of ConAgra Foods from $48.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, September 23rd. TheStreet downgraded ConAgra Foods from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 30th. Finally, Morgan Stanley restated an “overweight” rating on shares of ConAgra Foods in a report on Wednesday, June 29th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. ConAgra Foods currently has a consensus rating of “Hold” and a consensus target price of $50.10.
In other news, SVP Robert G. Wise sold 36,654 shares of ConAgra Foods stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $48.16, for a total transaction of $1,765,256.64. Following the transaction, the senior vice president now owns 55,272 shares in the company, valued at approximately $2,661,899.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen G. Butler sold 4,607 shares of ConAgra Foods stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $48.10, for a total value of $221,596.70. Following the transaction, the director now owns 89,850 shares in the company, valued at approximately $4,321,785. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CAG. Vanguard Group Inc. boosted its position in ConAgra Foods by 4.7% in the second quarter. Vanguard Group Inc. now owns 42,108,605 shares of the company’s stock valued at $2,013,213,000 after buying an additional 1,892,457 shares during the period. State Street Corp boosted its stake in ConAgra Foods by 3.2% in the first quarter. State Street Corp now owns 22,191,654 shares of the company’s stock valued at $990,189,000 after buying an additional 686,101 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in ConAgra Foods by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,189,027 shares of the company’s stock valued at $534,947,000 after buying an additional 34,667 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in ConAgra Foods by 14.7% in the second quarter. Bank of New York Mellon Corp now owns 10,627,916 shares of the company’s stock valued at $508,120,000 after buying an additional 1,361,312 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in ConAgra Foods by 14.7% in the second quarter. BlackRock Fund Advisors now owns 7,732,240 shares of the company’s stock valued at $369,678,000 after buying an additional 993,055 shares during the last quarter. Institutional investors and hedge funds own 75.33% of the company’s stock.
About ConAgra Foods
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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