Traders Buy Shares of ConAgra Foods Inc. (CAG) on Weakness
Investors purchased shares of ConAgra Foods Inc. (NYSE:CAG) on weakness during trading hours on Tuesday. $59.33 million flowed into the stock on the tick-up and $35.83 million flowed out of the stock on the tick-down, for a money net flow of $23.50 million into the stock. Of all equities tracked, ConAgra Foods had the 20th highest net in-flow for the day. ConAgra Foods traded down ($0.50) for the day and closed at $42.70
A number of research firms have issued reports on CAG. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $50.00 target price (up from $48.00) on shares of ConAgra Foods in a research note on Monday, June 27th. Bank of America Corp. reiterated a “buy” rating and issued a $52.00 target price on shares of ConAgra Foods in a research note on Monday. TheStreet cut ConAgra Foods from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 30th. Morgan Stanley reiterated an “overweight” rating on shares of ConAgra Foods in a research note on Wednesday, June 29th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $49.00 target price on shares of ConAgra Foods in a research note on Wednesday, June 29th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. ConAgra Foods currently has a consensus rating of “Hold” and an average target price of $49.36.
The stock’s market cap is $18.73 billion. The stock has a 50-day moving average price of $45.74 and a 200-day moving average price of $45.77.
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ConAgra Foods (NYSE:CAG) last announced its quarterly earnings results 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 positive return on equity of 27.17% and a negative net margin of 6.57%. The firm had revenue of $2.83 billion for the quarter. During the same quarter last year, the company earned $0.59 earnings per share. The business’s revenue was down 9.5% on a year-over-year basis. On average, equities research analysts anticipate that ConAgra Foods Inc. will post $2.40 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Friday, July 29th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Wednesday, July 27th. ConAgra Foods’s dividend payout ratio (DPR) is -56.50%.
In other ConAgra Foods news, CFO John Gehring sold 159,057 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $48.14, for a total value of $7,657,003.98. Following the sale, the chief financial officer now directly owns 157,452 shares in the company, valued at $7,579,739.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Robert G. Wise sold 36,654 shares of the company’s stock in a transaction 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 sale, the senior vice president now owns 55,272 shares in the company, valued at $2,661,899.52. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Emerald Acquisition Ltd. acquired a new position in ConAgra Foods during the second quarter worth approximately $20,679,000. Icon Advisers Inc. Co. acquired a new position in ConAgra Foods during the first quarter worth approximately $643,000. Nomura Holdings Inc. raised its position in ConAgra Foods by 130.2% in the second quarter. Nomura Holdings Inc. now owns 126,875 shares of the company’s stock worth $6,055,000 after buying an additional 71,752 shares in the last quarter. Nuveen Asset Management LLC raised its position in ConAgra Foods by 0.6% in the first quarter. Nuveen Asset Management LLC now owns 46,392 shares of the company’s stock worth $2,070,000 after buying an additional 272 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its position in ConAgra Foods by 1.8% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 373,564 shares of the company’s stock worth $17,860,000 after buying an additional 6,500 shares in the last quarter. Hedge funds and other institutional investors own 75.33% 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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