ConAgra Foods Inc. (CAG) Holdings Boosted by BlueMountain Capital Management LLC
BlueMountain Capital Management LLC grew its stake in shares of ConAgra Foods Inc. (NYSE:CAG) by 314.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,477 shares of the company’s stock after buying an additional 111,869 shares during the period. BlueMountain Capital Management LLC’s holdings in ConAgra Foods were worth $5,274,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in ConAgra Foods during the first quarter worth about $110,000. Bronfman E.L. Rothschild L.P. boosted its holdings in ConAgra Foods by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after buying an additional 1,851 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in ConAgra Foods by 75.7% during the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock worth $120,000 after buying an additional 1,287 shares during the last quarter. Alpha Windward LLC boosted its holdings in ConAgra Foods by 5.8% during the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after buying an additional 196 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in ConAgra Foods by 53.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after buying an additional 1,333 shares during the last quarter. Hedge funds and other institutional investors own 78.42% of the company’s stock.
Shares of ConAgra Foods Inc. (NYSE:CAG) traded up 1.54% during midday trading on Friday, reaching $35.01. The company had a trading volume of 4,881,215 shares. The stock’s 50 day moving average is $34.11 and its 200-day moving average is $37.31. The stock has a market capitalization of $14.59 billion, a PE ratio of 23.98 and a beta of 0.33. ConAgra Foods Inc. has a 12-month low of $32.16 and a 12-month high of $41.68.
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, hitting 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 quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. On average, equities research analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, July 31st were issued a $0.2125 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $0.85 annualized dividend and a yield of 2.43%. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s dividend payout ratio is presently 57.82%.
ConAgra Foods declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction that occurred on 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 owns 89,260 shares in the company, valued at $2,965,217.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was 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 corporate insiders.
CAG has been the topic of a number of recent analyst reports. BidaskClub cut ConAgra Foods from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 target price (down previously from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Credit Suisse Group set a $39.00 price target on ConAgra Foods and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $42.00 price target (down previously from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three equities research 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. ConAgra Foods currently has a consensus rating of “Hold” and a consensus target price of $42.72.
ConAgra Foods 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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