ConAgra Foods Inc. Announces Quarterly Dividend of $0.21 (CAG)
ConAgra Foods Inc. (NYSE:CAG) declared a quarterly dividend on Thursday, September 21st, RTT News reports. Stockholders of record on Friday, October 13th will be paid a dividend of 0.2125 per share on Thursday, November 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.52%.
ConAgra Foods has a dividend payout ratio of 45.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ConAgra Foods to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.85 annual dividend with an expected future payout ratio of 41.7%.
Shares of ConAgra Foods (CAG) traded down 0.83% during trading on Thursday, hitting $33.42. 4,234,279 shares of the stock traded hands. The firm has a market cap of $13.92 billion, a PE ratio of 22.89 and a beta of 0.33. The company’s 50 day moving average is $34.12 and its 200 day moving average is $37.15. ConAgra Foods has a 52-week low of $32.16 and a 52-week high of $41.68.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The company 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 firm earned $0.52 earnings per share. ConAgra Foods’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities research analysts predict that ConAgra Foods will post $1.86 EPS for the current year.
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In other news, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total transaction of $209,358.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the transaction, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
Several equities research analysts have issued reports on CAG shares. BidaskClub downgraded shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 price objective (down from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Credit Suisse Group set a $39.00 price objective on shares of ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. 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 stock. The stock currently has an average rating of “Hold” and an average price target of $42.72.
ConAgra Foods announced that its board has initiated a stock repurchase program on Thursday, June 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership 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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