Royal Bank Of Canada Upgrades ConAgra Foods Inc. (CAG) to “Outperform”
ConAgra Foods Inc. (NYSE:CAG) was upgraded by analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Friday. The brokerage presently has a $54.00 price target on the stock, up from their previous price target of $50.00. Royal Bank Of Canada’s target price points to a potential upside of 13.68% from the stock’s current price.
Several other analysts have also commented on the stock. RBC Capital Markets raised shares of ConAgra Foods from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $50.00 to $54.00 in a research report on Friday. They noted that the move was a valuation call. Jefferies Group reissued a “buy” rating and set a $56.00 price target on shares of ConAgra Foods in a research report on Thursday, October 13th. Zacks Investment Research raised shares of ConAgra Foods from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Wednesday, October 5th. Credit Suisse Group AG set a $50.00 price target on shares of ConAgra Foods and gave the company a “hold” rating in a research report on Saturday, October 1st. Finally, TheStreet raised shares of ConAgra Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 29th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $50.91.
ConAgra Foods (NYSE:CAG) opened at 47.50 on Friday. The stock has a market cap of $20.79 billion, a P/E ratio of 31.79 and a beta of 0.34. The company has a 50 day moving average of $45.44 and a 200-day moving average of $46.06. ConAgra Foods has a 12-month low of $37.97 and a 12-month high of $48.81.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings results on Thursday, September 29th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.13. The business earned $2.67 billion during the quarter. ConAgra Foods had a net margin of 5.76% and a return on equity of 28.48%. The business’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Equities analysts forecast that ConAgra Foods will post $2.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, October 31st will be paid 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 dividend yield of 2.11%. ConAgra Foods’s payout ratio is 66.67%.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of ConAgra Foods by 4.7% in the second quarter. Vanguard Group Inc. now owns 42,108,605 shares of the company’s stock worth $2,013,213,000 after buying an additional 1,892,457 shares during the last quarter. State Street Corp boosted its stake in shares of ConAgra Foods by 3.2% in the first quarter. State Street Corp now owns 22,191,654 shares of the company’s stock worth $990,189,000 after buying an additional 686,101 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of 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 worth $534,947,000 after buying an additional 34,667 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $508,120,000 after buying an additional 1,361,312 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of ConAgra Foods by 14.7% in the second quarter. BlackRock Fund Advisors now owns 7,732,240 shares of the company’s stock worth $369,678,000 after buying an additional 993,055 shares during the last quarter. 75.62% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for ConAgra Foods Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConAgra Foods Inc. and related stocks with our FREE daily email newsletter.