ConAgra Foods Inc. (CAG) Expected to Announce Quarterly Sales of $1.78 Billion
Wall Street analysts expect ConAgra Foods Inc. (NYSE:CAG) to announce $1.78 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for ConAgra Foods’ earnings. The lowest sales estimate is $1.77 billion and the highest is $1.80 billion. ConAgra Foods reported sales of $2.67 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 33.3%. The business is expected to announce its next earnings report on Thursday, October 5th.
On average, analysts expect that ConAgra Foods will report full year sales of $1.78 billion for the current financial year, with estimates ranging from $7.54 billion to $7.70 billion. For the next fiscal year, analysts expect that the company will report sales of $7.64 billion per share, with estimates ranging from $7.37 billion to $7.74 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for ConAgra Foods.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the business earned $0.52 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis.
Several research analysts have weighed in on CAG shares. BidaskClub lowered ConAgra Foods from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. UBS AG lowered ConAgra Foods from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $38.00 to $35.00 in a report on Tuesday, April 25th. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Finally, Credit Suisse Group set a $39.00 target price on ConAgra Foods and gave the stock a “hold” rating in a report on Saturday, July 1st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total value of $209,358.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Shell Asset Management Co. increased its stake in ConAgra Foods by 0.5% in the second quarter. Shell Asset Management Co. now owns 41,071 shares of the company’s stock worth $1,469,000 after buying an additional 200 shares in the last quarter. Hartford Investment Management Co. increased its stake in ConAgra Foods by 24.8% in the second quarter. Hartford Investment Management Co. now owns 155,407 shares of the company’s stock worth $5,557,000 after buying an additional 30,837 shares in the last quarter. Acadian Asset Management LLC increased its stake in ConAgra Foods by 744.9% in the second quarter. Acadian Asset Management LLC now owns 112,149 shares of the company’s stock worth $4,011,000 after buying an additional 98,876 shares in the last quarter. Russell Investments Group Ltd. increased its stake in ConAgra Foods by 139.5% in the second quarter. Russell Investments Group Ltd. now owns 797,210 shares of the company’s stock worth $28,526,000 after buying an additional 464,397 shares in the last quarter. Finally, Breton Hill Capital Ltd. increased its stake in ConAgra Foods by 32.2% in the second quarter. Breton Hill Capital Ltd. now owns 33,523 shares of the company’s stock worth $1,199,000 after buying an additional 8,164 shares in the last quarter. 75.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of ConAgra Foods (NYSE:CAG) traded up 0.366% during midday trading on Wednesday, hitting $34.285. The stock had a trading volume of 585,287 shares. The firm has a market cap of $14.28 billion, a PE ratio of 23.483 and a beta of 0.33. ConAgra Foods has a 12-month low of $32.93 and a 12-month high of $48.86. The firm has a 50-day moving average of $36.24 and a 200 day moving average of $38.72.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be given a $0.2125 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.49%. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is currently 54.42%.
ConAgra Foods announced that its board has initiated a share repurchase plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
ConAgra Foods Company Profile
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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