ConAgra Foods Inc. (NYSE:CAG) Position Raised by Tdam USA Inc.
Tdam USA Inc. increased its position in shares of ConAgra Foods Inc. (NYSE:CAG) by 11.6% during the second quarter, Holdings Channel reports. The institutional investor owned 7,680 shares of the company’s stock after buying an additional 800 shares during the period. Tdam USA Inc.’s holdings in ConAgra Foods were worth $275,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in CAG. Sfmg LLC increased its stake in 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 in the last quarter. Wells Fargo & Company MN increased its stake in 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 in the last quarter. Korea Investment CORP increased its stake in 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 in the last quarter. Geode Capital Management LLC increased its stake in 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 in the last quarter. Finally, Meyer Handelman Co. increased its stake in 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 in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.
Shares of ConAgra Foods Inc. (CAG) opened at 34.06 on Friday. ConAgra Foods Inc. has a one year low of $32.93 and a one year high of $41.68. The company has a market capitalization of $14.19 billion, a P/E ratio of 23.33 and a beta of 0.32. The firm has a 50 day moving average price of $34.54 and a 200 day moving average price of $38.30.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the company posted $0.52 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities research analysts predict that ConAgra Foods Inc. will post $1.86 EPS for the current fiscal 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, August 31st. Stockholders of record on Monday, July 31st will be given a $0.2125 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.50%. ConAgra Foods’s dividend payout ratio (DPR) is 57.82%.
A number of equities research analysts recently commented on CAG shares. 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 objective (down previously from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price objective (down previously from $44.00) on shares of ConAgra Foods in a report on Monday, June 26th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $42.00 price objective (down previously from $43.00) on shares of ConAgra Foods in a 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 company’s stock. ConAgra Foods currently has an average rating of “Hold” and a consensus target price of $42.72.
In other news, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total value of $209,358.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods 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 transaction, 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. Company insiders own 0.58% of the company’s stock.
About ConAgra Foods
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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