Wall Street brokerages predict that ConAgra Foods Inc. (NYSE:CAG) will report sales of $1.78 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for ConAgra Foods’ earnings, with the lowest sales estimate coming in at $1.77 billion and the highest estimate coming in at $1.80 billion. ConAgra Foods reported sales of $2.67 billion in the same quarter last year, which indicates a negative year over year growth rate of 33.3%. The company is scheduled to report its next quarterly earnings results on Thursday, October 5th.
On average, analysts expect that ConAgra Foods will report full-year sales of $1.78 billion for the current fiscal year, with estimates ranging from $7.54 billion to $7.70 billion. For the next financial year, analysts expect that the business will report sales of $7.64 billion per share, with estimates ranging from $7.37 billion to $7.74 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover ConAgra Foods.
ConAgra Foods (NYSE:CAG) last issued its earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting analysts’ consensus estimates of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The company’s revenue was down 9.3% compared to the same quarter last year.
Several brokerages have recently commented on CAG. UBS AG reissued a “sell” rating and set a $33.00 price target (down previously from $35.00) on shares of ConAgra Foods in a research note on Friday, June 30th. BidaskClub raised ConAgra Foods from a “strong sell” rating to a “sell” rating in a research note on Saturday. Credit Suisse Group set a $39.00 price target on ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. J P Morgan Chase & Co decreased their price target on ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 31st. Finally, Zacks Investment Research raised ConAgra Foods from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus 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 stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $200,848.12. Following the transaction, the director now owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Huntington National Bank increased its position in shares of ConAgra Foods by 0.9% in the first quarter. Huntington National Bank now owns 11,254 shares of the company’s stock valued at $454,000 after buying an additional 103 shares in the last quarter. Beech Hill Advisors Inc. bought a new position in shares of ConAgra Foods during the first quarter valued at about $242,000. Bollard Group LLC increased its position in shares of ConAgra Foods by 12.1% in the first quarter. Bollard Group LLC now owns 79,792 shares of the company’s stock valued at $3,219,000 after buying an additional 8,598 shares in the last quarter. Patten & Patten Inc. TN increased its position in shares of ConAgra Foods by 5.1% in the first quarter. Patten & Patten Inc. TN now owns 8,959 shares of the company’s stock valued at $361,000 after buying an additional 434 shares in the last quarter. Finally, DnB Asset Management AS increased its position in shares of ConAgra Foods by 25.4% in the first quarter. DnB Asset Management AS now owns 62,771 shares of the company’s stock valued at $2,532,000 after buying an additional 12,700 shares in the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.
Shares of ConAgra Foods (CAG) traded up 0.817% during mid-day trading on Friday, hitting $35.185. The stock had a trading volume of 1,267,142 shares. ConAgra Foods has a 52-week low of $32.93 and a 52-week high of $48.86. The firm has a market cap of $14.66 billion, a PE ratio of 24.099 and a beta of 0.32. The firm has a 50 day moving average price of $34.33 and a 200 day moving average price of $38.20.
ConAgra Foods declared that its Board of Directors has initiated a stock buyback program on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed 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 an increase from ConAgra Foods’s previous quarterly dividend of $0.20. 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. ConAgra Foods’s payout ratio is currently 57.82%.
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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