Shares of ConAgra Foods Inc. (NYSE:CAG) were up 7.4% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $46.71 and last traded at $46.32, with a volume of 5,617,004 shares trading hands. The stock had previously closed at $43.13.
The company reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.13. The firm earned $2.67 billion during the quarter, compared to the consensus estimate of $2.73 billion. ConAgra Foods had a negative net margin of 6.57% and a positive return on equity of 27.17%. The firm’s revenue was down 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Monday, October 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.16%. ConAgra Foods’s dividend payout ratio (DPR) is presently -56.50%.
A number of brokerages have issued reports on CAG. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $50.00 target price (up from $48.00) on shares of ConAgra Foods in a report on Monday, June 27th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $49.00 target price on shares of ConAgra Foods in a report on Wednesday, June 29th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $48.00 target price on shares of ConAgra Foods in a report on Wednesday, July 6th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $50.00 target price on shares of ConAgra Foods in a report on Thursday, June 30th. Finally, Jefferies Group increased their target price on shares of ConAgra Foods from $55.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $49.30.
In other ConAgra Foods news, Director Rajive Johri sold 15,000 shares of ConAgra Foods stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $47.53, for a total value of $712,950.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Robert G. Wise sold 15,708 shares of ConAgra Foods stock in a transaction on Friday, July 15th. The shares were sold at an average price of $47.90, for a total transaction of $752,413.20. Following the completion of the transaction, the senior vice president now owns 34,326 shares in the company, valued at approximately $1,644,215.40. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in CAG. Westbourne Investment Advisors Inc. bought a new position in shares of ConAgra Foods during the second quarter worth $100,000. Stuart Chaussee & Associates Inc. raised its position in shares of ConAgra Foods by 166.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 2,690 shares of the company’s stock worth $130,000 after buying an additional 1,680 shares during the period. Financial Architects Inc raised its position in shares of ConAgra Foods by 71.7% in the second quarter. Financial Architects Inc now owns 3,830 shares of the company’s stock worth $183,000 after buying an additional 1,600 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in shares of ConAgra Foods during the second quarter worth $194,000. Finally, InterOcean Capital LLC bought a new position in shares of ConAgra Foods during the second quarter worth $201,000. Institutional investors own 75.33% of the company’s stock.
The company’s market cap is $20.29 billion. The firm’s 50-day moving average price is $45.15 and its 200 day moving average price is $45.76.
ConAgra Foods Company Profile
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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