Tredje AP fonden lowered its holdings in shares of ConAgra Foods Inc. (NYSE:CAG) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,816 shares of the company’s stock after selling 4,280 shares during the quarter. Tredje AP fonden’s holdings in ConAgra Foods were worth $2,497,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in CAG. Oppenheimer Asset Management Inc. bought a new position in ConAgra Foods during the first quarter valued at $110,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of ConAgra Foods by 143.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after acquiring an additional 1,851 shares during the last quarter. Advisors Asset Management Inc. increased its stake in ConAgra Foods by 75.7% in the 1st quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock worth $120,000 after buying an additional 1,287 shares during the period. Alpha Windward LLC increased its stake in ConAgra Foods by 5.8% in the 2nd quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after buying an additional 196 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in ConAgra Foods by 53.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after buying an additional 1,333 shares during the period. Institutional investors and hedge funds own 78.42% of the company’s stock.
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ConAgra Foods Inc. (NYSE CAG) opened at 35.01 on Friday. The firm has a 50-day moving average of $34.11 and a 200-day moving average of $37.31. ConAgra Foods Inc. has a 52-week low of $32.16 and a 52-week high of $41.68. The firm has a market cap of $14.59 billion, a PE ratio of 23.98 and a beta of 0.33.
ConAgra Foods (NYSE:CAG) last announced its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. Equities analysts anticipate that ConAgra Foods Inc. will post $1.86 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, July 31st were issued a $0.2125 dividend. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, July 27th. This represents a $0.85 annualized dividend and a dividend yield of 2.43%. ConAgra Foods’s dividend payout ratio is 57.82%.
ConAgra Foods announced that its board has initiated a stock repurchase program on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
A number of research analysts have commented on the stock. Credit Suisse Group reissued a “hold” rating and set a $39.00 target price on shares of ConAgra Foods in a research report on Friday, August 11th. BidaskClub raised shares of ConAgra Foods from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 12th. UBS AG reaffirmed a “sell” rating and issued a $33.00 price objective (down previously from $35.00) on shares of ConAgra Foods in a research report on Friday, June 30th. J P Morgan Chase & Co cut their price objective 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 note on Friday, June 2nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. ConAgra Foods currently has a consensus rating of “Hold” and an average price target of $42.72.
In other news, Director Stephen G. Butler sold 5,848 shares of the company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Ann Marshall sold 6,046 shares of the company’s 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 $2,965,217.20. The disclosure for this sale can be found here. Corporate insiders own 0.79% 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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