Credit Suisse Group Trims ConAgra Foods Inc. (CAG) Target Price to $37.00
ConAgra Foods Inc. (NYSE:CAG) had its price objective trimmed by Credit Suisse Group from $39.00 to $37.00 in a research note published on Monday. The firm currently has a neutral rating on the stock.
Several other research analysts also recently commented on the company. BidaskClub downgraded ConAgra Foods from a sell rating to a strong sell rating in a report on Saturday, August 26th. UBS AG reaffirmed a sell rating and set a $33.00 target price (down from $35.00) on shares of ConAgra Foods in a report on Friday, June 30th. J P Morgan Chase & Co reaffirmed an overweight rating and set a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Bank of America Corporation reaffirmed a buy rating and set a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Finally, Morgan Stanley reaffirmed an overweight rating and set a $42.00 target price (down from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. ConAgra Foods currently has an average rating of Hold and an average price target of $42.41.
Shares of ConAgra Foods (CAG) opened at 33.34 on Monday. ConAgra Foods has a 12-month low of $32.16 and a 12-month high of $41.68. The company has a market cap of $13.89 billion, a P/E ratio of 22.84 and a beta of 0.33. The company has a 50-day moving average price of $34.12 and a 200-day moving average price of $37.15.
ConAgra Foods (NYSE:CAG) last announced its earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 EPS. On average, analysts predict that ConAgra Foods will post $1.86 earnings per share for the current year.
ConAgra Foods announced that its Board of Directors has approved 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 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.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be paid a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Monday, October 30th. ConAgra Foods’s dividend payout ratio is 57.82%.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the business’s 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 completion of the sale, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen G. Butler sold 5,848 shares of the business’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 disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in ConAgra Foods by 2.6% in the 1st 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 position in ConAgra Foods by 2,749.9% in the 1st 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 position in ConAgra Foods by 3.5% in the 2nd 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 position in ConAgra Foods by 17.8% in the 2nd 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 position in ConAgra Foods by 21.6% in the 1st 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. 78.38% of the stock is owned by institutional investors and hedge funds.
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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