Credit Suisse Group Reiterates “Hold” Rating for ConAgra Foods Inc. (CAG)
ConAgra Foods Inc. (NYSE:CAG)‘s stock had its “hold” rating restated by Credit Suisse Group in a report issued on Monday. They currently have a $37.00 target price on the stock. Credit Suisse Group’s target price would suggest a potential upside of 11.61% from the company’s current price.
A number of other research firms have also recently issued reports on CAG. Zacks Investment Research raised ConAgra Foods from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reissued a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. J P Morgan Chase & Co lowered their target price on ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, May 31st. Bank of America Corporation reissued a “buy” rating and set a $43.00 target price (down from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Morgan Stanley reissued an “overweight” rating and set a $42.00 target price (down from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Three equities research 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’s stock. ConAgra Foods has an average rating of “Hold” and an average target price of $42.57.
Shares of ConAgra Foods (NYSE:CAG) traded up 0.51% during trading on Monday, hitting $33.32. 1,747,799 shares of the stock traded hands. The company has a 50 day moving average of $34.12 and a 200-day moving average of $37.15. The company has a market cap of $13.88 billion, a PE ratio of 22.82 and a beta of 0.33. ConAgra Foods has a 1-year low of $32.16 and a 1-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 (EPS) for the quarter, hitting analysts’ consensus estimates of $0.37. ConAgra Foods had a return on equity of 20.29% and a net margin of 7.43%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the business earned $0.52 EPS. ConAgra Foods’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that ConAgra Foods will post $1.86 EPS for the current fiscal year.
ConAgra Foods announced that its board has approved a stock repurchase plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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In other news, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen G. Butler sold 5,848 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 0.79% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IndexIQ Advisors LLC boosted its holdings in shares of ConAgra Foods by 0.4% in the 2nd quarter. IndexIQ Advisors LLC now owns 9,828 shares of the company’s stock valued at $352,000 after buying an additional 36 shares during the last quarter. Transamerica Financial Advisors Inc. lifted its holdings in ConAgra Foods by 0.3% during the 1st quarter. Transamerica Financial Advisors Inc. now owns 11,777 shares of the company’s stock valued at $476,000 after purchasing an additional 41 shares during the last quarter. Hancock Holding Co. lifted its holdings in ConAgra Foods by 0.3% during the 1st quarter. Hancock Holding Co. now owns 19,399 shares of the company’s stock valued at $783,000 after purchasing an additional 50 shares during the last quarter. Conning Inc. lifted its holdings in ConAgra Foods by 0.6% during the 2nd quarter. Conning Inc. now owns 11,616 shares of the company’s stock valued at $415,000 after purchasing an additional 70 shares during the last quarter. Finally, Keel Point LLC lifted its holdings in ConAgra Foods by 1.2% during the 1st quarter. Keel Point LLC now owns 8,379 shares of the company’s stock valued at $338,000 after purchasing an additional 96 shares during the last quarter. 78.38% of the stock is owned by institutional investors.
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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