ConAgra Foods Inc. (CAG) Downgraded by BidaskClub
ConAgra Foods Inc. (NYSE:CAG) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.
A number of other equities analysts have also recently weighed in on the company. Bank of America Corporation reissued a “buy” rating and set a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Morgan Stanley reissued an “overweight” rating and set a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Jefferies Group LLC reaffirmed a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $42.00 price target (down from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.72.
Shares of ConAgra Foods (NYSE:CAG) traded down 0.27% on Friday, hitting $33.14. 4,241,182 shares of the stock traded hands. ConAgra Foods has a 1-year low of $32.93 and a 1-year high of $48.86. The stock has a 50 day moving average of $34.02 and a 200-day moving average of $37.93. The stock has a market cap of $13.81 billion, a PE ratio of 22.70 and a beta of 0.32.
ConAgra Foods (NYSE:CAG) last announced its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.37. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. ConAgra Foods’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period last year, the firm posted $0.52 EPS. On average, equities research analysts expect that ConAgra Foods will post $1.86 EPS for the current year.
ConAgra Foods declared that its board has initiated a stock buyback plan on Thursday, June 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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In other news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund boosted its position in ConAgra Foods by 4.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 108,530 shares of the company’s stock valued at $4,378,000 after buying an additional 4,900 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in ConAgra Foods by 3.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 33,659 shares of the company’s stock valued at $1,357,000 after buying an additional 1,258 shares during the period. Wetherby Asset Management Inc. boosted its position in ConAgra Foods by 0.6% in the first quarter. Wetherby Asset Management Inc. now owns 9,147 shares of the company’s stock valued at $369,000 after buying an additional 57 shares during the period. Enterprise Financial Services Corp boosted its position in ConAgra Foods by 2.4% in the first quarter. Enterprise Financial Services Corp now owns 9,638 shares of the company’s stock valued at $389,000 after buying an additional 230 shares during the period. Finally, DUPONT CAPITAL MANAGEMENT Corp boosted its position in ConAgra Foods by 348.3% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 104,175 shares of the company’s stock valued at $4,202,000 after buying an additional 80,935 shares during the period. 77.33% of the stock is currently owned by hedge funds and other institutional investors.
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.
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