Utah Retirement Systems Lowers Position in ConAgra Foods Inc. (CAG)
Utah Retirement Systems decreased its stake in shares of ConAgra Foods Inc. (NYSE:CAG) by 7.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,155 shares of the company’s stock after selling 5,600 shares during the period. Utah Retirement Systems’ holdings in ConAgra Foods were worth $2,652,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake 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 valued at $1,868,249,000 after buying an additional 1,175,244 shares in the last quarter. BlackRock Inc. increased its stake 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 valued at $1,087,846,000 after buying an additional 26,020,645 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ConAgra Foods by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 8,445,440 shares of the company’s stock valued at $302,009,000 after buying an additional 285,685 shares in the last quarter. American Century Companies Inc. increased its stake in shares of ConAgra Foods by 17.8% in the second quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock valued at $260,254,000 after buying an additional 1,100,589 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake 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 valued at $265,271,000 after buying an additional 1,169,432 shares in the last quarter. Institutional investors and hedge funds own 78.40% of the company’s stock.
ConAgra Foods Inc. (CAG) opened at 32.74 on Thursday. ConAgra Foods Inc. has a 1-year low of $32.16 and a 1-year high of $48.86. The company 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 $13.64 billion, a P/E ratio of 22.42 and a beta of 0.32.
ConAgra Foods (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The company’s revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. Analysts predict that ConAgra Foods Inc. will post $1.86 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be paid a $0.2125 dividend. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Thursday, July 27th. ConAgra Foods’s payout ratio is currently 57.82%.
ConAgra Foods declared that its board has authorized a stock repurchase plan on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Several equities research analysts have recently weighed in on CAG shares. Zacks Investment Research downgraded shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. J P Morgan Chase & Co reduced their target price on shares of ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 31st. Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Morgan Stanley reissued an “overweight” rating and issued a $42.00 target price (down previously from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $43.00 target price (down previously from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $42.72.
In other news, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods 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 disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
About ConAgra Foods
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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