ConAgra Foods Inc. (CAG) Raised to “Outperform” at RBC Capital Markets
RBC Capital Markets upgraded shares of ConAgra Foods Inc. (NYSE:CAG) from a sector perform rating to an outperform rating in a research note released on Friday. RBC Capital Markets currently has $54.00 price target on the stock, up from their previous price target of $50.00. The analysts noted that the move was a valuation call.
Other research analysts have also recently issued research reports about the stock. Credit Suisse Group AG set a $50.00 target price on shares of ConAgra Foods and gave the company a hold rating in a report on Saturday, October 1st. Royal Bank Of Canada restated a sector perform rating and issued a $50.00 target price (up previously from $48.00) on shares of ConAgra Foods in a report on Monday, June 27th. Sanford C. Bernstein restated a market perform rating and issued a $49.00 target price on shares of ConAgra Foods in a report on Wednesday, June 29th. Deutsche Bank AG restated a hold rating and issued a $48.00 target price on shares of ConAgra Foods in a report on Wednesday, July 6th. Finally, Citigroup Inc. restated a neutral rating and issued a $50.00 target price on shares of ConAgra Foods in a report on Thursday, June 30th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $50.91.
Shares of ConAgra Foods (NYSE:CAG) opened at 48.38 on Friday. The company’s 50-day moving average is $45.50 and its 200 day moving average is $46.08. The firm has a market cap of $21.18 billion, a price-to-earnings ratio of 32.38 and a beta of 0.34. ConAgra Foods has a 52-week low of $37.97 and a 52-week high of $48.81.
ConAgra Foods (NYSE:CAG) last issued its earnings results on Thursday, September 29th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.13. ConAgra Foods had a net margin of 5.76% and a return on equity of 28.48%. The business earned $2.67 billion during the quarter. During the same quarter in the previous year, the company posted $0.41 EPS. The company’s quarterly revenue was down 4.6% on a year-over-year basis. On average, analysts expect that ConAgra Foods will post $2.47 earnings per share for the current fiscal year.
The firm also recently announced 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. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, October 27th. ConAgra Foods’s payout ratio is presently 66.67%.
Hedge funds have recently made changes to their positions in the company. Regent Investment Management LLC boosted its stake in shares of ConAgra Foods by 8.4% in the third quarter. Regent Investment Management LLC now owns 10,295 shares of the company’s stock valued at $485,000 after buying an additional 800 shares during the last quarter. Rothschild Investment Corp IL boosted its stake in shares of ConAgra Foods by 3.3% in the third quarter. Rothschild Investment Corp IL now owns 9,150 shares of the company’s stock valued at $431,000 after buying an additional 296 shares during the last quarter. Hedeker Wealth LLC acquired a new stake in shares of ConAgra Foods during the third quarter valued at approximately $764,000. First Financial Corp IN boosted its stake in shares of ConAgra Foods by 14.9% in the third quarter. First Financial Corp IN now owns 42,941 shares of the company’s stock valued at $2,023,000 after buying an additional 5,573 shares during the last quarter. Finally, Advisor Consultant Network Inc. acquired a new stake in shares of ConAgra Foods during the third quarter valued at approximately $3,003,000. Institutional investors own 75.62% of the company’s stock.
ConAgra Foods Company Profile
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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