Zacks: Analysts Anticipate ConAgra Foods Inc. (CAG) Will Post Quarterly Sales of $1.78 Billion
Analysts expect that ConAgra Foods Inc. (NYSE:CAG) will post $1.78 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for ConAgra Foods’ earnings, with the highest sales estimate coming in at $1.80 billion and the lowest estimate coming in at $1.77 billion. ConAgra Foods reported sales of $2.67 billion during the same quarter last year, which would suggest a negative year over year growth rate of 33.3%. The business is scheduled to issue its next earnings results before the market opens on Thursday, September 28th.
According to Zacks, analysts expect that ConAgra Foods will report full year sales of $1.78 billion for the current year, with estimates ranging from $7.54 billion to $7.70 billion. For the next year, analysts anticipate that the business will report sales of $7.64 billion per share, with estimates ranging from $7.37 billion to $7.74 billion. Zacks Investment Research’s 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 posted its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the consensus estimate of $0.37. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 EPS.
Several research analysts have recently weighed in on CAG shares. BidaskClub cut ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 26th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research report on Wednesday, June 28th. Bank of America Corporation reiterated a “buy” rating and set a $43.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $42.00 price objective (down previously from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three investment 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. The company has a consensus rating of “Hold” and an average price target of $42.72.
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In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was 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 owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CAG. BlackRock Inc. grew its holdings in ConAgra Foods by 2,749.9% during the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after purchasing an additional 26,020,645 shares during the period. Janus Henderson Group PLC boosted its stake in shares of ConAgra Foods by 10,072.6% in the second quarter. Janus Henderson Group PLC now owns 6,144,061 shares of the company’s stock worth $219,711,000 after acquiring an additional 6,083,663 shares during the period. Alliancebernstein L.P. boosted its stake in shares of ConAgra Foods by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock worth $152,788,000 after acquiring an additional 2,999,723 shares during the period. AJO LP boosted its stake in shares of ConAgra Foods by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock worth $111,526,000 after acquiring an additional 2,754,930 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of ConAgra Foods by 260.2% in the first quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock worth $124,465,000 after acquiring an additional 2,228,946 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.
ConAgra Foods (NYSE:CAG) opened at 34.89 on Tuesday. The company has a market cap of $14.54 billion, a P/E ratio of 23.90 and a beta of 0.33. ConAgra Foods has a 1-year low of $32.16 and a 1-year high of $41.68. The stock’s 50 day moving average price is $34.13 and its 200 day moving average price is $37.20.
ConAgra Foods announced that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, July 31st were issued a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, July 27th. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is currently 57.82%.
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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