Pioneer Investment Management Inc. Cuts Stake in ConAgra Foods Inc. (CAG)
Pioneer Investment Management Inc. cut its position in ConAgra Foods Inc. (NYSE:CAG) by 35.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 531,456 shares of the company’s stock after selling 290,923 shares during the period. Pioneer Investment Management Inc.’s holdings in ConAgra Foods were worth $19,005,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in CAG. Vanguard Group Inc. increased its position in ConAgra Foods by 2.6% in the first quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock worth $1,868,249,000 after buying an additional 1,175,244 shares during the last quarter. BlackRock Inc. increased its position in ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after buying an additional 26,020,645 shares during the last quarter. Wells Fargo & Company MN increased its position 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 during the last quarter. TIAA CREF Investment Management LLC increased its position in ConAgra Foods by 21.6% in the first quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock worth $265,271,000 after buying an additional 1,169,432 shares during the last quarter. Finally, American Century Companies Inc. increased its position in ConAgra Foods by 13.9% in the first quarter. American Century Companies Inc. now owns 6,177,203 shares of the company’s stock worth $249,188,000 after buying an additional 753,028 shares during the last quarter. 77.64% of the stock is owned by institutional investors.
ConAgra Foods Inc. (NYSE:CAG) opened at 34.06 on Friday. The company has a market cap of $14.19 billion, a P/E ratio of 23.33 and a beta of 0.32. The firm’s 50 day moving average is $34.54 and its 200-day moving average is $38.30. ConAgra Foods Inc. has a 52 week low of $32.93 and a 52 week high of $41.68.
ConAgra Foods (NYSE:CAG) last posted its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
The firm also recently declared 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 of this dividend is Thursday, July 27th. This represents a $0.85 annualized dividend and a dividend yield of 2.50%. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is currently 57.82%.
ConAgra Foods declared that its board has approved a stock repurchase program on Thursday, June 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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CAG has been the subject of a number of research reports. BidaskClub downgraded shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 price target (down from $44.00) on shares of ConAgra Foods in a research note on Wednesday, June 28th. UBS AG downgraded shares of ConAgra Foods from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $38.00 to $35.00 in a research note on Tuesday, April 25th. Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. Finally, Credit Suisse Group set a $39.00 price target on shares of ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, July 1st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.72.
In other news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were 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 owns 89,260 shares in the company, valued at approximately $2,965,217.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $209,358.40. The disclosure for this sale can be found here. 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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