ConAgra Foods Inc. (CAG) Given New $51.00 Price Target at Citigroup Inc.
ConAgra Foods Inc. (NYSE:CAG) had its target price raised by Citigroup Inc. from $50.00 to $51.00 in a research report sent to investors on Friday. Citigroup Inc. currently has a neutral rating on the stock.
Several other equities research analysts also recently weighed in on CAG. Zacks Investment Research raised shares of ConAgra Foods from a hold rating to a buy rating and set a $52.00 target price on the stock in a research note on Wednesday, June 8th. Deutsche Bank AG reiterated a hold rating on shares of ConAgra Foods in a report on Friday, June 24th. Royal Bank Of Canada reiterated a sector perform rating and set a $50.00 price target (up previously from $48.00) on shares of ConAgra Foods in a report on Monday, June 27th. Sanford C. Bernstein reiterated a market perform rating and set a $49.00 price target on shares of ConAgra Foods in a report on Wednesday, June 29th. Finally, Morgan Stanley reiterated an overweight rating on shares of ConAgra Foods in a report on Wednesday, June 29th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $50.10.
ConAgra Foods (NYSE:CAG) opened at 47.11 on Friday. The company’s 50 day moving average is $45.18 and its 200 day moving average is $45.78. ConAgra Foods has a one year low of $37.97 and a one year high of $48.81. The stock has a market cap of $20.68 billion, a PE ratio of 31.53 and a beta of 0.34.
ConAgra Foods (NYSE:CAG) last announced its earnings results on Thursday, September 29th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.13. ConAgra Foods had a net margin of 5.76% and a return on equity of 28.48%. The firm had revenue of $2.67 billion for the quarter. During the same period in the previous year, the company earned $0.41 earnings per share. ConAgra Foods’s quarterly revenue was down 4.6% on a year-over-year basis. On average, equities research analysts expect that ConAgra Foods will post $2.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Monday, October 31st will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.12%. ConAgra Foods’s payout ratio is currently 66.67%.
In other news, CFO John Gehring sold 159,057 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $48.14, for a total value of $7,657,003.98. Following the completion of the transaction, the chief financial officer now owns 157,452 shares in the company, valued at approximately $7,579,739.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William G. Jurgensen sold 4,636 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $47.88, for a total transaction of $221,971.68. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in ConAgra Foods by 4.7% in the second quarter. Vanguard Group Inc. now owns 42,108,605 shares of the company’s stock valued at $2,013,213,000 after buying an additional 1,892,457 shares during the period. State Street Corp increased its position in ConAgra Foods by 3.2% in the first quarter. State Street Corp now owns 22,191,654 shares of the company’s stock valued at $990,189,000 after buying an additional 686,101 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in ConAgra Foods by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,189,027 shares of the company’s stock valued at $534,947,000 after buying an additional 34,667 shares during the period. Bank of New York Mellon Corp increased its position in ConAgra Foods by 14.7% in the second quarter. Bank of New York Mellon Corp now owns 10,627,916 shares of the company’s stock valued at $508,120,000 after buying an additional 1,361,312 shares during the period. Finally, BlackRock Fund Advisors increased its position in ConAgra Foods by 14.7% in the second quarter. BlackRock Fund Advisors now owns 7,732,240 shares of the company’s stock valued at $369,678,000 after buying an additional 993,055 shares during the period. Institutional investors and hedge funds own 75.33% of the company’s stock.
ConAgra Foods Company Profile
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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