ProShare Advisors LLC Grows Stake in ConAgra Foods Inc. (CAG)
ProShare Advisors LLC grew its holdings in shares of ConAgra Foods Inc. (NYSE:CAG) by 56.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,526 shares of the company’s stock after purchasing an additional 32,478 shares during the quarter. ProShare Advisors LLC’s holdings in ConAgra Foods were worth $3,201,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CAG. Oppenheimer Asset Management Inc. purchased a new stake in shares of ConAgra Foods during the 1st quarter valued at about $110,000. Bronfman E.L. Rothschild L.P. increased its position in shares of ConAgra Foods by 143.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after purchasing an additional 1,851 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of ConAgra Foods by 75.7% during the 1st quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after purchasing an additional 1,287 shares during the last quarter. Alpha Windward LLC increased its position in shares of ConAgra Foods by 5.8% during the 2nd quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after purchasing an additional 196 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of ConAgra Foods by 53.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after purchasing an additional 1,333 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.
ConAgra Foods Inc. (CAG) opened at 33.15 on Friday. The company has a market capitalization of $13.81 billion, a P/E ratio of 22.71 and a beta of 0.33. The company’s 50 day moving average price is $34.12 and its 200-day moving average price is $37.15. ConAgra Foods Inc. has a 52 week low of $32.16 and a 52 week 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, meeting the consensus estimate of $0.37. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. Equities research analysts expect that ConAgra Foods Inc. will post $1.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be given a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Monday, October 30th. ConAgra Foods’s dividend payout ratio is currently 57.82%.
ConAgra Foods declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, Director Ruth Ann Marshall sold 6,046 shares of ConAgra Foods 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 completion of the transaction, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of ConAgra Foods 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. 0.79% of the stock is currently owned by company insiders.
Several equities research analysts have recently commented on the stock. BidaskClub lowered shares of ConAgra Foods from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 26th. Credit Suisse Group reaffirmed a “hold” rating and set a $39.00 price target on shares of ConAgra Foods in a research report on Friday, August 11th. UBS AG reaffirmed a “sell” rating and set a $33.00 price target (down previously from $35.00) on shares of ConAgra Foods in a research report on Friday, June 30th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $42.00 price target (down previously from $44.00) on shares of ConAgra Foods in a research report on Wednesday, June 28th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 price target (down previously from $44.00) 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 assigned a hold rating and eight have given a buy rating to the stock. ConAgra Foods currently has an average rating of “Hold” and a consensus price target 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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