Q4 2017 EPS Estimates for ConAgra Foods Inc. (CAG) Lifted by Jefferies Group
ConAgra Foods Inc. (NYSE:CAG) – Equities researchers at Jefferies Group lifted their Q4 2017 earnings per share (EPS) estimates for shares of ConAgra Foods in a research report issued to clients and investors on Monday. Jefferies Group analyst A. Jagdale now forecasts that the firm will post earnings per share of $0.61 for the quarter, up from their prior forecast of $0.58. Jefferies Group currently has a “Buy” rating and a $56.00 target price on the stock. Jefferies Group also issued estimates for ConAgra Foods’ Q3 2018 earnings at $0.74 EPS and FY2019 earnings at $3.03 EPS.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings results on Thursday, September 29th. The company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.13. The firm earned $2.67 billion during the quarter. ConAgra Foods had a return on equity of 28.48% and a net margin of 5.76%. The firm’s revenue was down 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 EPS.
Several other research firms also recently issued reports on CAG. Citigroup Inc. boosted their price objective on ConAgra Foods from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday. TheStreet upgraded ConAgra Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 29th. Zacks Investment Research downgraded ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, July 4th. Deutsche Bank AG restated a “hold” rating and set a $48.00 price objective on shares of ConAgra Foods in a report on Wednesday, July 6th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $49.00 price objective on shares of ConAgra Foods in a report on Wednesday, June 29th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $50.10.
ConAgra Foods (NYSE:CAG) traded up 0.326% during trading on Tuesday, reaching $47.685. The company’s stock had a trading volume of 2,030,269 shares. The stock’s 50-day moving average is $45.21 and its 200 day moving average is $45.84. ConAgra Foods has a 52-week low of $37.97 and a 52-week high of $48.81. The firm has a market capitalization of $20.93 billion, a price-to-earnings ratio of 31.918 and a beta of 0.34.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Monday, October 31st will be issued a $0.25 dividend. The ex-dividend date is Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.10%. ConAgra Foods’s dividend payout ratio is currently 66.67%.
In related news, SVP Robert G. Wise sold 17,245 shares of the stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $48.19, for a total value of $831,036.55. Following the transaction, the senior vice president now owns 35,863 shares in the company, valued at $1,728,237.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen G. Butler sold 4,607 shares of the stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $48.10, for a total value of $221,596.70. Following the completion of the transaction, the director now owns 89,850 shares in the company, valued at approximately $4,321,785. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new stake in shares of ConAgra Foods during the second quarter worth about $37,051,000. Emerald Acquisition Ltd. bought a new stake in shares of ConAgra Foods during the second quarter worth about $20,679,000. Icon Advisers Inc. Co. bought a new stake in shares of ConAgra Foods during the first quarter worth about $643,000. SECOR Capital Advisors LP bought a new stake in shares of ConAgra Foods during the second quarter worth about $552,000. Finally, Nomura Holdings Inc. boosted its stake in shares of ConAgra Foods by 130.2% in the second quarter. Nomura Holdings Inc. now owns 126,875 shares of the company’s stock worth $6,055,000 after buying an additional 71,752 shares during the last quarter. Hedge funds and other institutional investors own 75.33% of the company’s stock.
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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