BT Investment Management Ltd acquired a new stake in shares of ConAgra Foods Inc. (NYSE:CAG) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 219,618 shares of the company’s stock, valued at approximately $7,854,000. BT Investment Management Ltd owned about 0.05% of ConAgra Foods as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of CAG. Oppenheimer Asset Management Inc. acquired a new stake in shares of ConAgra Foods during the first quarter valued at $110,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of ConAgra Foods by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after acquiring an additional 1,851 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of ConAgra Foods by 75.7% during the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after acquiring an additional 1,287 shares during the last quarter. Alpha Windward LLC boosted its stake in shares of ConAgra Foods by 5.8% during the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after acquiring an additional 196 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of ConAgra Foods by 53.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after acquiring an additional 1,333 shares during the last quarter. 78.42% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently commented on CAG shares. BidaskClub lowered ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a research report on Wednesday, June 28th. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Credit Suisse Group set a $39.00 target price on ConAgra Foods and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $42.00 target price (down from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three equities research 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’s stock. ConAgra Foods has an average rating of “Hold” and a consensus target price of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now directly 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. 0.79% of the stock is currently owned by company insiders.
ConAgra Foods Inc. (NYSE CAG) traded up 1.54% during trading on Friday, hitting $35.01. The stock had a trading volume of 4,881,215 shares. The firm has a market cap of $14.59 billion, a price-to-earnings ratio of 23.98 and a beta of 0.33. The firm’s 50 day moving average is $34.11 and its 200 day moving average is $37.31. ConAgra Foods Inc. has a 1-year low of $32.16 and a 1-year high of $41.68.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 return on equity of 20.29% and a net margin of 7.43%. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. On average, analysts anticipate that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, July 31st were given a dividend of $0.2125 per share. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $0.85 dividend on an annualized basis and a yield of 2.43%. ConAgra Foods’s dividend payout ratio (DPR) is presently 57.82%.
ConAgra Foods announced that its board has initiated a share repurchase plan on Thursday, June 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
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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