Morgan Stanley Lowers ConAgra Foods Inc. (CAG) Price Target to $40.00
ConAgra Foods Inc. (NYSE:CAG) had its target price decreased by investment analysts at Morgan Stanley from $42.00 to $40.00 in a report released on Monday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 19.72% from the stock’s previous close.
A number of other research analysts also recently weighed in on CAG. J P Morgan Chase & Co cut their price target on shares of ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday, May 31st. Zacks Investment Research upgraded shares of ConAgra Foods from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, UBS AG reiterated a “sell” rating and issued a $33.00 target price (down from $35.00) on shares of ConAgra Foods in a research note on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $42.41.
Shares of ConAgra Foods (NYSE:CAG) traded up 1.00% during mid-day trading on Monday, hitting $33.48. 3,805,549 shares of the stock traded hands. ConAgra Foods has a 52 week low of $32.16 and a 52 week high of $41.68. The stock has a 50-day moving average of $34.12 and a 200-day moving average of $37.15. The company has a market cap of $13.95 billion, a price-to-earnings ratio of 22.93 and a beta of 0.33.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.37. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. ConAgra Foods’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Analysts anticipate that ConAgra Foods will post $1.86 EPS for the current year.
ConAgra Foods announced that its board has initiated a stock repurchase program on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the firm’s 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. Company insiders own 0.79% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CAG. Sun Life Financial INC lifted its holdings in shares of ConAgra Foods by 32,666.7% during the 2nd quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock worth $105,000 after acquiring an additional 2,940 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of ConAgra Foods during the 1st quarter worth about $110,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of ConAgra Foods by 143.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after acquiring an additional 1,851 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of ConAgra Foods by 75.7% during the 1st quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock worth $120,000 after acquiring an additional 1,287 shares during the period. Finally, Alpha Windward LLC lifted its holdings in shares of ConAgra Foods by 5.8% during the 2nd quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after acquiring an additional 196 shares during the period. Institutional investors own 78.38% of the company’s stock.
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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