LS Investment Advisors LLC increased its stake in ConAgra Foods Inc. (NYSE:CAG) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,827 shares of the company’s stock after buying an additional 832 shares during the period. LS Investment Advisors LLC’s holdings in ConAgra Foods were worth $745,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of CAG. Oppenheimer Asset Management Inc. bought a new position in shares of ConAgra Foods during the first quarter valued at $110,000. Advisors Asset Management Inc. raised its position in shares of ConAgra Foods by 75.7% in the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after buying an additional 1,287 shares during the last quarter. Alpha Windward LLC raised its position in shares of ConAgra Foods by 7.9% in the first quarter. Alpha Windward LLC now owns 3,382 shares of the company’s stock valued at $136,000 after buying an additional 247 shares during the last quarter. Rational Advisors LLC raised its position in shares of ConAgra Foods by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock valued at $141,000 after buying an additional 438 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in shares of ConAgra Foods during the first quarter valued at $181,000. Institutional investors own 77.33% of the company’s stock.
Shares of ConAgra Foods Inc. (NYSE CAG) traded down 0.75% during trading on Friday, hitting $34.46. 2,605,718 shares of the company traded hands. The stock has a market cap of $14.36 billion, a price-to-earnings ratio of 23.60 and a beta of 0.32. The firm has a 50 day moving average price of $34.20 and a 200-day moving average price of $38.15. ConAgra Foods Inc. has a one year low of $32.93 and a one year high of $48.86.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting the consensus estimate of $0.37. The business 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 firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. Analysts predict that ConAgra Foods Inc. will post $1.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be issued a dividend of $0.2125 per share. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, July 27th. ConAgra Foods’s dividend payout ratio (DPR) is currently 57.82%.
ConAgra Foods announced that its board has initiated a share buyback plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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Several research analysts have weighed in on the stock. UBS AG restated a “sell” rating and set a $33.00 target price (down from $35.00) on shares of ConAgra Foods in a research report on Friday, June 30th. BidaskClub upgraded shares of ConAgra Foods from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 12th. Credit Suisse Group set a $39.00 target price on shares of ConAgra Foods and gave the stock a “hold” rating in a research report on Saturday, July 1st. J P Morgan Chase & Co lowered their target price on shares of ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 31st. Finally, Zacks Investment Research upgraded shares of ConAgra Foods from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $42.72.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the firm’s 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 disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
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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