Jefferies Group Reaffirms Buy Rating for ConAgra Foods Inc. (CAG)
ConAgra Foods Inc. (NYSE:CAG)‘s stock had its “buy” rating restated by Jefferies Group in a research note issued to investors on Thursday. They presently have a $56.00 price objective on the stock. Jefferies Group’s target price would indicate a potential upside of 19.35% from the stock’s previous close.
CAG has been the subject of several other research reports. Citigroup Inc. boosted their price objective on ConAgra Foods from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, September 30th. Zacks Investment Research raised ConAgra Foods from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Wednesday, October 5th. TheStreet lowered ConAgra Foods from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 30th. Deutsche Bank AG cut their price objective on ConAgra Foods from $48.00 to $46.00 and set a “hold” rating for the company in a report on Friday, September 23rd. Finally, Bank of America Corp. reissued a “buy” rating and set a $52.00 price objective on shares of ConAgra Foods in a report on Monday, September 19th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $50.20.
ConAgra Foods (NYSE:CAG) traded down 0.64% on Thursday, reaching $46.92. 1,942,269 shares of the company’s stock traded hands. The firm’s 50-day moving average is $45.36 and its 200 day moving average is $46.00. ConAgra Foods has a 12 month low of $37.97 and a 12 month high of $48.81. The firm has a market cap of $20.54 billion, a PE ratio of 31.41 and a beta of 0.34.
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ConAgra Foods (NYSE:CAG) last issued its quarterly earnings data on Thursday, September 29th. The company reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.13. ConAgra Foods had a return on equity of 28.48% and a net margin of 5.76%. The company earned $2.67 billion during the quarter. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. Equities analysts predict that ConAgra Foods will post $2.47 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Monday, October 31st will be given a $0.25 dividend. The ex-dividend date is Thursday, October 27th. This represents a $1.00 annualized dividend and a yield of 2.13%. ConAgra Foods’s payout ratio is currently 66.67%.
In other ConAgra Foods news, SVP Robert G. Wise sold 15,708 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $47.90, for a total value of $752,413.20. Following the completion of the sale, the senior vice president now owns 34,326 shares in the company, valued at $1,644,215.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in CAG. Johnson Investment Counsel Inc. increased its position in shares of ConAgra Foods by 0.3% in the second quarter. Johnson Investment Counsel Inc. now owns 10,776 shares of the company’s stock worth $515,000 after buying an additional 31 shares in the last quarter. Prospera Financial Services Inc increased its position in shares of ConAgra Foods by 0.7% in the second quarter. Prospera Financial Services Inc now owns 7,274 shares of the company’s stock worth $348,000 after buying an additional 48 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of ConAgra Foods by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,649 shares of the company’s stock worth $796,000 after buying an additional 73 shares in the last quarter. Advisor Partners LLC increased its position in shares of ConAgra Foods by 1.1% in the second quarter. Advisor Partners LLC now owns 8,363 shares of the company’s stock worth $400,000 after buying an additional 93 shares in the last quarter. Finally, WealthTrust Axiom LLC increased its position in shares of ConAgra Foods by 1.9% in the second quarter. WealthTrust Axiom LLC now owns 5,400 shares of the company’s stock worth $258,000 after buying an additional 100 shares in the last quarter. Institutional investors own 75.33% of the company’s stock.
ConAgra Foods Company Profile
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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