The ConAgra Foods Inc. (NYSE:CAG) Hits New 1-Year Low on Insider Selling

The ConAgra Foods Inc. (NYSE:CAG) Hits New 1-Year Low on Insider Selling

Specifically, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen G. Butler sold 5,848 shares of the firm’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. 0.58% of the stock is currently owned by company insiders.

ConAgra Foods Inc. (NYSE:CAG) shares reached a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $33.49 and last traded at $33.47, with a volume of 4,050,873 shares trading hands. The stock had previously closed at $34.13.

CAG has been the subject of a number of recent analyst reports. Jefferies Group LLC reiterated a “buy” rating on shares of ConAgra Foods in a research report on Friday, June 16th. Bank of America Corporation reiterated a “buy” rating and set a $43.00 price target (down from $44.00) on shares of ConAgra Foods in a research report on Monday, June 26th. Credit Suisse Group set a $39.00 price target on shares of ConAgra Foods and gave the company a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research cut shares of ConAgra Foods from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $42.00 price target (down from $44.00) on shares of ConAgra Foods in a research report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. ConAgra Foods has an average rating of “Hold” and an average target price of $42.72.

The stock has a market capitalization of $14.25 billion, a P/E ratio of 23.43 and a beta of 0.32. The stock has a 50-day moving average price of $35.37 and a 200 day moving average price of $38.52.

ConAgra Foods (NYSE:CAG) last announced its quarterly earnings results on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 EPS. Analysts forecast that ConAgra Foods Inc. will post $1.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be paid a $0.2125 dividend. This is a positive change from ConAgra Foods’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, July 27th. This represents a $0.85 annualized dividend and a yield of 2.51%. ConAgra Foods’s payout ratio is currently 57.82%.

ConAgra Foods announced that its Board of Directors has approved a stock 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 reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of ConAgra Foods by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after buying an additional 26,020,645 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of ConAgra Foods by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock worth $152,788,000 after buying an additional 2,999,723 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of ConAgra Foods by 260.2% in the first quarter. JPMorgan Chase & Co. now owns 3,085,446 shares of the company’s stock worth $124,465,000 after buying an additional 2,228,946 shares during the last quarter. Bank of Montreal Can raised its stake in shares of ConAgra Foods by 134.5% in the first quarter. Bank of Montreal Can now owns 3,366,929 shares of the company’s stock worth $135,821,000 after buying an additional 1,931,340 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of ConAgra Foods by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock worth $295,959,000 after buying an additional 1,706,553 shares during the last quarter. 77.81% of the stock is currently owned by institutional investors.

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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