Analysts Set Expectations for ConAgra Foods Inc.’s Q2 2017 Earnings (CAG)
ConAgra Foods Inc. (NYSE:CAG) – Investment analysts at Jefferies Group raised their Q2 2017 earnings per share (EPS) estimates for shares of ConAgra Foods in a research note issued on Monday. Jefferies Group analyst A. Jagdale now forecasts that the brokerage will earn $0.67 per share for the quarter, up from their prior forecast of $0.65. Jefferies Group has a “Buy” rating and a $56.00 price objective on the stock. Jefferies Group also issued estimates for ConAgra Foods’ FY2017 earnings at $2.57 EPS, Q1 2018 earnings at $0.61 EPS, Q2 2018 earnings at $0.74 EPS, Q4 2018 earnings at $0.67 EPS and FY2018 earnings at $2.77 EPS.
ConAgra Foods (NYSE:CAG) last posted its earnings results on Thursday, September 29th. The company reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.13. ConAgra Foods had a return on equity of 28.48% and a net margin of 5.76%. The firm had revenue of $2.67 billion for the quarter. During the same quarter last year, the business earned $0.41 earnings per share. ConAgra Foods’s revenue was down 4.6% on a year-over-year basis.
A number of other research firms have also issued reports on CAG. Zacks Investment Research lowered shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, July 4th. Royal Bank Of Canada boosted their target price on shares of ConAgra Foods from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Sunday, July 3rd. TheStreet lowered shares of ConAgra Foods from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 30th. Deutsche Bank AG reissued a “hold” rating on shares of ConAgra Foods in a research note on Friday, June 24th. Finally, Citigroup Inc. reissued a “neutral” rating and set a $50.00 target price on shares of ConAgra Foods in a research note on Thursday, June 30th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $50.20.
Shares of ConAgra Foods (NYSE:CAG) opened at 47.15 on Wednesday. The firm has a market capitalization of $20.70 billion, a PE ratio of 31.56 and a beta of 0.34. The stock’s 50 day moving average price is $45.28 and its 200-day moving average price is $45.88. ConAgra Foods has a 52-week low of $37.97 and a 52-week high of $48.81.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Monday, October 31st will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. ConAgra Foods’s dividend payout ratio is currently 66.67%.
In other news, Director William G. Jurgensen sold 4,636 shares of the business’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $47.88, for a total transaction of $221,971.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Robert G. Wise sold 15,708 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.90, for a total transaction of $752,413.20. Following the sale, the senior vice president now owns 34,326 shares in the company, valued at approximately $1,644,215.40. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can purchased a new stake in ConAgra Foods during the second quarter worth about $37,051,000. Emerald Acquisition Ltd. purchased a new stake in ConAgra Foods during the second quarter worth about $20,679,000. SECOR Capital Advisors LP purchased a new stake in ConAgra Foods during the second quarter worth about $552,000. Nomura Holdings Inc. raised its stake in ConAgra Foods by 130.2% in the second quarter. Nomura Holdings Inc. now owns 126,875 shares of the company’s stock worth $6,055,000 after buying an additional 71,752 shares in the last quarter. Finally, AXA raised its stake in ConAgra Foods by 81.4% in the first quarter. AXA now owns 148,600 shares of the company’s stock worth $6,631,000 after buying an additional 66,700 shares in the last quarter. Institutional investors and hedge funds own 75.33% of the company’s stock.
About ConAgra Foods
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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