Insider Selling: ConAgra Foods CEO Sells 50,000 Shares of Stock (CAG)
ConAgra Foods (NYSE:CAG) CEO Gary M. Rodkin sold 50,000 shares of the stock on the open market in a transaction dated Monday, June 30th. The stock was sold at an average price of $29.35, for a total value of $1,467,500.00. Following the sale, the chief executive officer now directly owns 639,765 shares of the company’s stock, valued at approximately $18,777,103. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
CAG has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of ConAgra Foods in a research note on Monday, June 23rd. They now have a $28.00 price target on the stock, down previously from $32.00. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of ConAgra Foods in a research note on Thursday, June 19th. They now have a $35.00 price target on the stock, down previously from $36.00. Finally, analysts at Bank of America downgraded shares of ConAgra Foods from a “buy” rating to an “underperform” rating in a research note on Thursday, June 19th. They now have a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.92.
Shares of ConAgra Foods (NYSE:CAG) traded up 1.38% during mid-day trading on Tuesday, hitting $30.09. 5,856,295 shares of the company’s stock traded hands. ConAgra Foods has a 1-year low of $28.09 and a 1-year high of $37.28. The stock’s 50-day moving average is $31.22 and its 200-day moving average is $31.12. The company has a market cap of $12.672 billion and a price-to-earnings ratio of 15.47.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings data on Thursday, June 26th. The company reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts expect that ConAgra Foods will post $2.26 EPS for the current fiscal year.
ConAgra Foods, Inc is a packaged food company. The Company operates in four segments: Consumer Foods, Commercial Foods, Ralcorp Food Group, and Ralcorp Frozen Bakery Products.
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