ConAgra Foods Inc. (CAG) Stock Price Up 7.4% After Strong Earnings
ConAgra Foods Inc. (NYSE:CAG) rose 7.4% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $46.71 and last traded at $46.32, with a volume of 5,617,004 shares changing hands. The stock had previously closed at $43.13.
The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.13. The company had revenue of $2.67 billion for the quarter. ConAgra Foods had a negative net margin of 6.57% and a positive return on equity of 27.17%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the business posted $0.41 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, October 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, October 27th. ConAgra Foods’s dividend payout ratio (DPR) is presently -56.50%.
CAG has been the topic of several recent research reports. Zacks Investment Research lowered shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, July 4th. TheStreet lowered shares of ConAgra Foods from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 30th. Bank of America Corp. reaffirmed a “buy” rating and issued a $52.00 target price on shares of ConAgra Foods in a research note on Monday, September 19th. Morgan Stanley reiterated an “overweight” rating on shares of ConAgra Foods in a research report on Wednesday, June 29th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of ConAgra Foods in a research report on Friday, June 24th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $49.40.
In other news, Director Rajive Johri sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $47.53, for a total transaction of $712,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert G. Wise sold 36,654 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $48.16, for a total transaction of $1,765,256.64. Following the transaction, the senior vice president now directly owns 55,272 shares of the company’s stock, valued at $2,661,899.52. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
Several institutional investors have recently modified their holdings of CAG. Westbourne Investment Advisors Inc. acquired a new position in shares of ConAgra Foods during the second quarter valued at $100,000. Stuart Chaussee & Associates Inc. boosted its position in shares of ConAgra Foods by 166.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 2,690 shares of the company’s stock valued at $130,000 after buying an additional 1,680 shares in the last quarter. Financial Architects Inc boosted its position in shares of ConAgra Foods by 71.7% in the second quarter. Financial Architects Inc now owns 3,830 shares of the company’s stock valued at $183,000 after buying an additional 1,600 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of ConAgra Foods during the second quarter valued at $194,000. Finally, InterOcean Capital LLC acquired a new position in shares of ConAgra Foods during the second quarter valued at $201,000. 75.33% of the stock is owned by institutional investors.
The firm has a 50-day moving average of $45.18 and a 200 day moving average of $45.78. The firm’s market capitalization is $20.67 billion.
About ConAgra Foods
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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