ConAgra Foods Inc. (NYSE:CAG) Upgraded by BidaskClub to “Sell”
ConAgra Foods Inc. (NYSE:CAG) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued on Saturday.
A number of other equities research analysts have also weighed in on CAG. UBS AG lowered shares of ConAgra Foods from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $38.00 to $35.00 in a report on Tuesday, April 25th. Credit Suisse Group set a $39.00 target price on shares of ConAgra Foods and gave the stock a “hold” rating in a report on Saturday, July 1st. J P Morgan Chase & Co reissued an “overweight” rating and set a $42.00 target price (down from $44.00) on shares of ConAgra Foods in a report on Wednesday, June 28th. Zacks Investment Research raised shares of ConAgra Foods from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $42.72.
ConAgra Foods (CAG) opened at 34.80 on Friday. The company has a 50-day moving average of $34.48 and a 200 day moving average of $38.27. The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of 23.84 and a beta of 0.32. ConAgra Foods has a one year low of $32.93 and a one year high of $41.68.
ConAgra Foods (NYSE:CAG) last posted its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.37. ConAgra Foods had a net margin of 7.43% and a return on equity of 20.29%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, analysts anticipate that ConAgra Foods will post $1.86 EPS for the current year.
ConAgra Foods declared that its Board of Directors has initiated a share buyback program on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the transaction, the director now owns 89,260 shares in the company, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Gulf International Bank UK Ltd increased its position in ConAgra Foods by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 126,671 shares of the company’s stock worth $5,109,000 after buying an additional 1,800 shares during the last quarter. National Pension Service increased its position in ConAgra Foods by 6.9% in the first quarter. National Pension Service now owns 359,839 shares of the company’s stock worth $14,494,000 after buying an additional 23,121 shares during the last quarter. Spirit of America Management Corp NY increased its position in ConAgra Foods by 17.4% in the first quarter. Spirit of America Management Corp NY now owns 8,100 shares of the company’s stock worth $327,000 after buying an additional 1,200 shares during the last quarter. Capstone Asset Management Co. increased its position in ConAgra Foods by 0.3% in the first quarter. Capstone Asset Management Co. now owns 42,209 shares of the company’s stock worth $1,703,000 after buying an additional 120 shares during the last quarter. Finally, Alpha Windward LLC increased its position in ConAgra Foods by 7.9% in the first quarter. Alpha Windward LLC now owns 3,382 shares of the company’s stock worth $136,000 after buying an additional 247 shares during the last quarter. Hedge funds and other institutional investors own 77.64% 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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