ConAgra Foods Inc. (NYSE:CAG) Shares Sold by Sasco Capital Inc. CT
Sasco Capital Inc. CT reduced its position in shares of ConAgra Foods Inc. (NYSE:CAG) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,148,288 shares of the company’s stock after selling 180,940 shares during the period. ConAgra Foods comprises 4.2% of Sasco Capital Inc. CT’s investment portfolio, making the stock its 6th largest position. Sasco Capital Inc. CT’s holdings in ConAgra Foods were worth $148,343,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of CAG. Sfmg LLC increased its stake in shares of ConAgra Foods by 0.4% in the first quarter. Sfmg LLC now owns 12,754 shares of the company’s stock worth $514,000 after buying an additional 50 shares during the period. Wells Fargo & Company MN increased its stake in shares of ConAgra Foods by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock worth $295,959,000 after buying an additional 1,706,553 shares during the period. Korea Investment CORP increased its stake in shares of ConAgra Foods by 10.8% in the first quarter. Korea Investment CORP now owns 767,072 shares of the company’s stock worth $30,944,000 after buying an additional 74,909 shares during the period. Geode Capital Management LLC increased its stake in shares of ConAgra Foods by 12.3% in the first quarter. Geode Capital Management LLC now owns 4,266,630 shares of the company’s stock worth $171,882,000 after buying an additional 467,789 shares during the period. Finally, Meyer Handelman Co. increased its stake in shares of ConAgra Foods by 0.6% in the first quarter. Meyer Handelman Co. now owns 647,583 shares of the company’s stock worth $26,123,000 after buying an additional 3,800 shares during the period. Institutional investors and hedge funds own 77.81% of the company’s stock.
ConAgra Foods Inc. (NYSE CAG) opened at 33.98 on Friday. The firm has a market cap of $14.16 billion, a price-to-earnings ratio of 23.27 and a beta of 0.32. ConAgra Foods Inc. has a 12 month low of $32.93 and a 12 month high of $48.86. The firm’s 50-day moving average price is $35.37 and its 200-day moving average price is $38.52.
ConAgra Foods (NYSE:CAG) last issued its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the firm posted $0.52 EPS. ConAgra Foods’s quarterly revenue was down 9.3% compared to the same quarter last year. Equities research analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
ConAgra Foods announced that its board has authorized a share buyback plan on Thursday, June 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be issued a $0.2125 dividend. The ex-dividend date is Thursday, July 27th. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.50%. ConAgra Foods’s dividend payout ratio is presently 57.82%.
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CAG has been the subject of a number of research analyst reports. BidaskClub downgraded ConAgra Foods from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. Zacks Investment Research downgraded ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $42.00 price target (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Bank of America Corporation restated a “buy” rating and set a $43.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Finally, Morgan Stanley restated an “overweight” rating and set a $42.00 price objective (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 given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now directly owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
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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