ConAgra Foods Inc. (NYSE:CAG) Declares Dividend Increase – $0.21 Per Share
ConAgra Foods Inc. (NYSE:CAG) announced a quarterly dividend on Thursday, July 20th, RTT News reports. Stockholders of record on Monday, July 31st will be paid a dividend of 0.2125 per share on Thursday, August 31st. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.51%. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20.
ConAgra Foods has a dividend payout ratio of 42.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect ConAgra Foods to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 39.2%.
Shares of ConAgra Foods (NYSE:CAG) traded up 0.162% during midday trading on Thursday, hitting $33.905. The stock had a trading volume of 699,124 shares. The stock’s 50-day moving average price is $36.72 and its 200 day moving average price is $38.84. ConAgra Foods has a 52 week low of $32.93 and a 52 week high of $48.86. The company has a market cap of $14.25 billion, a price-to-earnings ratio of 22.909 and a beta of 0.33.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings data on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. On average, equities analysts forecast that ConAgra Foods will post $1.86 earnings per share for the current year.
Several equities research analysts have recently issued reports on CAG shares. BidaskClub lowered shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. Royal Bank Of Canada raised their price target on shares of ConAgra Foods from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, March 24th. Zacks Investment Research lowered shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $42.72.
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In other news, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.
ConAgra Foods announced that its Board of Directors has initiated a stock buyback program on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
About ConAgra Foods
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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