ConAgra Foods Inc. (CAG) Upgraded at Royal Bank Of Canada
ConAgra Foods Inc. (NYSE:CAG) was upgraded by Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Friday. The brokerage currently has a $54.00 price objective on the stock, up from their prior price objective of $50.00. Royal Bank Of Canada’s price objective indicates a potential upside of 15.09% from the company’s previous close.
A number of other analysts have also issued reports on CAG. Jefferies Group lifted their target price on ConAgra Foods from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Citigroup Inc. lifted their target price on ConAgra Foods from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, September 30th. TheStreet raised ConAgra Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 29th. Zacks Investment Research lowered ConAgra Foods from a “buy” rating to a “hold” rating in a research report on Monday, July 4th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $48.00 target price on shares of ConAgra Foods in a research report on Wednesday, July 6th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. ConAgra Foods has a consensus rating of “Buy” and a consensus price target of $50.60.
Shares of ConAgra Foods (NYSE:CAG) opened at 46.92 on Friday. The firm’s 50-day moving average price is $45.36 and its 200 day moving average price is $46.00. ConAgra Foods has a 1-year low of $37.97 and a 1-year high of $48.81. The stock has a market capitalization of $20.54 billion, a P/E ratio of 31.41 and a beta of 0.34.
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ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, September 29th. The company reported $0.61 EPS for the quarter, beating the 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 had revenue of $2.67 billion for the quarter. During the same period last year, the business earned $0.41 earnings per share. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. Analysts expect that ConAgra Foods will post $2.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Monday, October 31st will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.13%. ConAgra Foods’s payout ratio is currently 66.67%.
A number of institutional investors have recently modified their holdings of the stock. CIBC World Markets Inc. bought a new position in shares of ConAgra Foods during the first quarter worth approximately $251,000. Aviva PLC increased its position in shares of ConAgra Foods by 1.7% in the first quarter. Aviva PLC now owns 233,783 shares of the company’s stock worth $10,431,000 after buying an additional 3,834 shares during the last quarter. AMF Pensionsforsakring AB bought a new position in shares of ConAgra Foods during the first quarter worth approximately $23,574,000. BB&T Securities LLC increased its position in shares of ConAgra Foods by 25.0% in the first quarter. BB&T Securities LLC now owns 56,305 shares of the company’s stock worth $2,512,000 after buying an additional 11,271 shares during the last quarter. Finally, State Street Corp increased its position in shares of ConAgra Foods by 3.2% in the first quarter. State Street Corp now owns 22,191,654 shares of the company’s stock worth $990,189,000 after buying an additional 686,101 shares during the last quarter. 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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