ConAgra Foods Inc. (CAG) Sees Large Volume Increase
Shares of ConAgra Foods Inc. (NYSE:CAG) saw unusually-strong trading volume on Tuesday . Approximately 2,667,876 shares traded hands during mid-day trading, a decline of 0% from the previous session’s volume of 2,670,279 shares.The stock last traded at $42.90 and had previously closed at $43.20.
Several equities research analysts recently issued reports on CAG shares. Zacks Investment Research upgraded ConAgra Foods from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday, June 8th. Jefferies Group reiterated a “buy” rating and issued a $55.00 price target on shares of ConAgra Foods in a research note on Monday, July 4th. Bank of America Corp. reiterated a “buy” rating and issued a $52.00 price target on shares of ConAgra Foods in a research note on Monday. Deutsche Bank AG reiterated a “hold” rating and issued a $48.00 price target on shares of ConAgra Foods in a research note on Wednesday, July 6th. Finally, TheStreet cut ConAgra Foods from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 30th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $49.36.
The firm’s 50 day moving average price is $45.74 and its 200-day moving average price is $45.77. The company’s market capitalization is $18.73 billion.
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ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 30th. The company reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. ConAgra Foods had a negative net margin of 6.57% and a positive return on equity of 27.17%. The business earned $2.83 billion during the quarter. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The firm’s quarterly revenue was down 9.5% on a year-over-year basis. Analysts anticipate that ConAgra Foods Inc. will post $2.40 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Friday, July 29th were paid a $0.25 dividend. The ex-dividend date was Wednesday, July 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. ConAgra Foods’s dividend payout ratio is -56.50%.
In related news, SVP Robert G. Wise sold 36,654 shares of ConAgra Foods stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $48.16, for a total value of $1,765,256.64. Following the completion of the transaction, the senior vice president now directly owns 55,272 shares in the company, valued at approximately $2,661,899.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert G. Wise sold 17,245 shares of ConAgra Foods stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $48.19, for a total transaction of $831,036.55. Following the completion of the transaction, the senior vice president now owns 35,863 shares of the company’s stock, valued at $1,728,237.97. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westbourne Investment Advisors Inc. purchased a new position in shares of ConAgra Foods during the second quarter valued at approximately $100,000. Stuart Chaussee & Associates Inc. increased its position in shares of ConAgra Foods by 166.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 2,690 shares of the company’s stock valued at $130,000 after buying an additional 1,680 shares during the last quarter. Financial Architects Inc increased its position in shares of ConAgra Foods by 71.7% in the second quarter. Financial Architects Inc now owns 3,830 shares of the company’s stock valued at $183,000 after buying an additional 1,600 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of ConAgra Foods during the second quarter valued at approximately $194,000. Finally, InterOcean Capital LLC purchased a new position in shares of ConAgra Foods during the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 75.41% of the company’s stock.
About ConAgra Foods
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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