ConAgra Foods Inc. (CAG) Stake Boosted by Bank of New York Mellon Corp
Bank of New York Mellon Corp raised its position in ConAgra Foods Inc. (NYSE:CAG) by 3.5% during the second quarter, Holdings Channel reports. The fund owned 8,445,440 shares of the company’s stock after buying an additional 285,685 shares during the period. Bank of New York Mellon Corp’s holdings in ConAgra Foods were worth $302,009,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of ConAgra Foods by 2.6% in the first quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock worth $1,868,249,000 after buying an additional 1,175,244 shares during the last quarter. BlackRock Inc. increased its position in shares of ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after buying an additional 26,020,645 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of ConAgra Foods by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock worth $295,959,000 after buying an additional 1,706,553 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of ConAgra Foods by 21.6% in the first quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock worth $265,271,000 after buying an additional 1,169,432 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of ConAgra Foods by 13.9% in the first quarter. American Century Companies Inc. now owns 6,177,203 shares of the company’s stock worth $249,188,000 after buying an additional 753,028 shares during the last quarter. 77.33% of the stock is currently owned by institutional investors and hedge funds.
ConAgra Foods Inc. (CAG) opened at 34.72 on Friday. The stock has a market capitalization of $14.46 billion, a price-to-earnings ratio of 23.78 and a beta of 0.32. ConAgra Foods Inc. has a 52 week low of $32.93 and a 52 week high of $48.86. The company has a 50-day moving average of $34.20 and a 200-day moving average of $38.15.
ConAgra Foods (NYSE:CAG) last announced its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. Analysts anticipate that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, July 31st will be issued a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, July 27th. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s dividend payout ratio is 57.82%.
ConAgra Foods declared that its board has authorized a share repurchase plan on Thursday, June 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
CAG has been the topic of a number of recent analyst reports. BidaskClub downgraded ConAgra Foods from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 5th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a research report on Wednesday, June 28th. UBS AG downgraded ConAgra Foods from a “neutral” rating to a “sell” rating and cut their target price for the company from $38.00 to $35.00 in a research report on Tuesday, April 25th. Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Finally, Credit Suisse Group set a $39.00 target price on ConAgra Foods and gave the company a “hold” rating in a research report on Saturday, July 1st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. ConAgra Foods presently has a consensus rating of “Hold” and an average target price of $42.72.
In other ConAgra Foods news, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.
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.
Want to see what other hedge funds are holding CAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConAgra Foods Inc. (NYSE:CAG).
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.