Fayez Sarofim & Co. Holds Stake in ConAgra Foods Inc. (CAG)
Fayez Sarofim & Co. held its stake in ConAgra Foods Inc. (NYSE:CAG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,766 shares of the company’s stock at the end of the second quarter. Fayez Sarofim & Co.’s holdings in ConAgra Foods were worth $349,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its position in shares of ConAgra Foods by 12.3% during the first quarter. Geode Capital Management LLC now owns 4,266,630 shares of the company’s stock valued at $171,882,000 after purchasing an additional 467,789 shares during the period. Paradigm Asset Management Co. LLC increased its position in shares of ConAgra Foods by 7.5% during the second quarter. Paradigm Asset Management Co. LLC now owns 100,470 shares of the company’s stock valued at $3,593,000 after purchasing an additional 7,000 shares during the period. Bank of Nova Scotia increased its position in shares of ConAgra Foods by 259.4% during the first quarter. Bank of Nova Scotia now owns 101,920 shares of the company’s stock valued at $4,112,000 after purchasing an additional 73,561 shares during the period. Family Legacy Inc. bought a new stake in shares of ConAgra Foods during the first quarter valued at approximately $947,000. Finally, Schnieders Capital Management LLC increased its position in shares of ConAgra Foods by 2.0% during the first quarter. Schnieders Capital Management LLC now owns 11,275 shares of the company’s stock valued at $455,000 after purchasing an additional 225 shares during the period. Institutional investors own 78.38% of the company’s stock.
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CAG has been the topic of a number of research reports. Bank of America Corporation restated a “buy” rating and set a $43.00 price objective (down from $44.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Jefferies Group LLC restated a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Credit Suisse Group restated a “hold” rating and set a $39.00 price objective on shares of ConAgra Foods in a research report on Friday, August 11th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. Finally, Morgan Stanley restated an “overweight” rating and set a $42.00 price objective (down from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $42.72.
Shares of ConAgra Foods Inc. (NYSE CAG) traded down 1.15% during trading on Tuesday, hitting $34.49. The stock had a trading volume of 379,232 shares. ConAgra Foods Inc. has a one year low of $32.16 and a one year high of $41.68. The stock has a market capitalization of $14.37 billion, a price-to-earnings ratio of 23.62 and a beta of 0.33. The stock has a 50 day moving average price of $34.13 and a 200-day moving average price of $37.20.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.37. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $0.52 EPS. On average, equities research analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, July 31st were given a dividend of $0.2125 per share. The ex-dividend date was Thursday, July 27th. This represents a $0.85 dividend on an annualized basis and a yield of 2.44%. 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 of Directors has approved a stock buyback program on Thursday, June 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, Director Stephen G. Butler sold 5,848 shares of the business’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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, 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. Insiders own 0.79% 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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