Laurion Capital Management LP Invests $4.88 Million in ConAgra Foods Inc. (CAG) Stock
Laurion Capital Management LP bought a new position in ConAgra Foods Inc. (NYSE:CAG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 136,500 shares of the company’s stock, valued at approximately $4,881,000.
A number of other institutional investors have also recently made changes to their positions in CAG. BlackRock Inc. raised its holdings 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 purchasing an additional 26,020,645 shares in the last quarter. Alliancebernstein L.P. raised its holdings in ConAgra Foods by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock worth $152,788,000 after purchasing an additional 2,999,723 shares in the last quarter. AJO LP raised its holdings in ConAgra Foods by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock worth $111,526,000 after purchasing an additional 2,754,930 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in ConAgra Foods by 260.2% in the first quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock worth $124,465,000 after purchasing an additional 2,228,946 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in ConAgra Foods by 938.3% in the first quarter. State of Tennessee Treasury Department now owns 1,344,018 shares of the company’s stock worth $54,218,000 after purchasing an additional 1,214,577 shares in the last quarter. Institutional investors and hedge funds own 78.42% of the company’s stock.
Several research firms have recently issued reports on CAG. BidaskClub downgraded shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Zacks Investment Research downgraded shares of ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co restated an “overweight” rating and set 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 restated a “buy” rating and set 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 restated an “overweight” rating and set a $42.00 price objective (down previously from $43.00) on shares of ConAgra Foods in a report on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $42.72.
Shares of ConAgra Foods Inc. (NYSE:CAG) traded up 1.54% on Friday, hitting $35.01. The stock had a trading volume of 4,881,215 shares. The company has a market cap of $14.59 billion, a price-to-earnings ratio of 23.98 and a beta of 0.33. ConAgra Foods Inc. has a one year low of $32.16 and a one year high of $41.68. The firm’s 50-day moving average is $34.11 and its 200-day moving average is $37.31.
ConAgra Foods (NYSE:CAG) last posted its earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.37. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. ConAgra Foods’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. On average, analysts expect that ConAgra Foods Inc. will post $1.86 EPS for the current fiscal year.
ConAgra Foods announced that its Board of Directors has authorized a stock buyback program on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, July 31st were issued a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.43%. This is a boost from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, July 27th. ConAgra Foods’s payout ratio is 57.82%.
In related news, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction on 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 this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of the company’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 completion of the transaction, the director now owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.
ConAgra Foods 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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