Investment Centers of America Inc. lifted its stake in shares of ConAgra Foods Inc. (NYSE:CAG) by 16.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,002 shares of the company’s stock after acquiring an additional 3,565 shares during the quarter. Investment Centers of America Inc.’s holdings in ConAgra Foods were worth $896,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAG. BlackRock Inc. boosted its stake in shares of ConAgra Foods by 2,749.9% during the 1st quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after acquiring an additional 26,020,645 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of ConAgra Foods by 380.8% during the 1st quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock worth $152,788,000 after acquiring an additional 2,999,723 shares in the last quarter. AJO LP boosted its stake in shares of ConAgra Foods by 757.3% during the 2nd quarter. AJO LP now owns 3,118,724 shares of the company’s stock worth $111,526,000 after acquiring an additional 2,754,930 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ConAgra Foods by 260.2% during the 1st quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock worth $124,465,000 after acquiring an additional 2,228,946 shares in the last quarter. Finally, State of Tennessee Treasury Department boosted its stake in shares of ConAgra Foods by 938.3% during the 1st quarter. State of Tennessee Treasury Department now owns 1,344,018 shares of the company’s stock worth $54,218,000 after acquiring an additional 1,214,577 shares in the last quarter. Institutional investors own 78.42% of the company’s stock.
Shares of ConAgra Foods Inc. (NYSE CAG) traded up 1.54% during mid-day trading on Friday, reaching $35.01. The company had a trading volume of 4,881,215 shares. The company has a market capitalization of $14.59 billion, a price-to-earnings ratio of 23.98 and a beta of 0.33. The firm’s 50-day moving average is $34.11 and its 200 day moving average is $37.31. ConAgra Foods Inc. has a 12 month low of $32.16 and a 12 month high of $41.68.
ConAgra Foods (NYSE:CAG) last announced its quarterly earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.37. The firm 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%. The business’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, equities research analysts predict that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, July 31st were given a dividend of $0.2125 per share. This represents a $0.85 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, July 27th. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. ConAgra Foods’s payout ratio is 57.82%.
ConAgra Foods declared that its Board of Directors has authorized a share repurchase program on Thursday, June 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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In other ConAgra Foods news, 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 transaction, the director now owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was 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. 0.79% of the stock is owned by insiders.
Several research firms have recently issued reports on CAG. Zacks Investment Research upgraded ConAgra Foods from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research note on Friday, June 16th. J P Morgan Chase & Co decreased their price target 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 reiterated a “buy” rating and set a $43.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $42.00 price target (down previously from $43.00) on shares of ConAgra Foods in a research note on Monday, June 26th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. ConAgra Foods presently has a consensus rating of “Hold” and an average target price of $42.72.
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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