Reliance Trust Co. of Delaware Sells 175 Shares of ConAgra Foods Inc. (NYSE:CAG)
Reliance Trust Co. of Delaware lowered its position in ConAgra Foods Inc. (NYSE:CAG) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,318 shares of the company’s stock after selling 175 shares during the period. Reliance Trust Co. of Delaware’s holdings in ConAgra Foods were worth $584,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. acquired a new stake in shares of ConAgra Foods during the first quarter valued at $110,000. Advisors Asset Management Inc. increased its stake in shares of ConAgra Foods by 75.7% in the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after buying an additional 1,287 shares during the last quarter. Alpha Windward LLC increased its stake in shares of ConAgra Foods by 5.8% in the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after buying an additional 196 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of ConAgra Foods by 53.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after buying an additional 1,333 shares during the last quarter. Finally, Rational Advisors LLC increased its stake in shares of ConAgra Foods by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock valued at $141,000 after buying an additional 438 shares during the last quarter. 77.64% of the stock is currently owned by institutional investors.
ConAgra Foods Inc. (NYSE CAG) traded up 2.17% during midday trading on Friday, hitting $34.80. The stock had a trading volume of 3,276,892 shares. The company’s 50 day moving average is $34.48 and its 200 day moving average is $38.27. The company has a market cap of $14.50 billion, a price-to-earnings ratio of 23.84 and a beta of 0.32. ConAgra Foods Inc. has a 1-year low of $32.93 and a 1-year high of $41.68.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings data on Thursday, June 29th. The company reported $0.37 earnings per share (EPS) 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 business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the firm posted $0.52 EPS. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that ConAgra Foods Inc. will post $1.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, July 31st will be given a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a yield of 2.44%. This is an increase from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, July 27th. ConAgra Foods’s dividend payout ratio is presently 57.82%.
ConAgra Foods declared that its board has authorized a share buyback plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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Several equities analysts have recently issued reports on CAG shares. UBS AG cut ConAgra Foods from a “neutral” rating to a “sell” rating and lowered their price target for the company from $38.00 to $35.00 in a research report on Tuesday, April 25th. Zacks Investment Research cut ConAgra Foods from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. J P Morgan Chase & Co decreased their target price on ConAgra Foods from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday, May 31st. Jefferies Group LLC restated a “buy” rating on shares of ConAgra Foods in a report on Friday, June 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $42.00 target price (down previously from $43.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.72.
In other ConAgra Foods news, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The disclosure for this sale can be found here. Corporate insiders own 0.58% 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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