ConAgra Foods Inc. (CAG) Stake Decreased by Swiss National Bank
Swiss National Bank decreased its stake in ConAgra Foods Inc. (NYSE:CAG) by 0.8% during the third quarter, Holdings Channel reports. The fund owned 1,308,419 shares of the company’s stock after selling 10,600 shares during the period. Swiss National Bank’s holdings in ConAgra Foods were worth $61,640,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Wedbush Securities Inc. acquired a new position in shares of ConAgra Foods during the third quarter valued at approximately $214,000. Ancora Inverness LLC acquired a new position in shares of ConAgra Foods during the third quarter valued at approximately $217,000. Sentry Investment Management LLC increased its position in shares of ConAgra Foods by 2.7% in the third quarter. Sentry Investment Management LLC now owns 33,530 shares of the company’s stock valued at $1,580,000 after buying an additional 887 shares during the last quarter. Global X Management Co. LLC increased its position in shares of ConAgra Foods by 55.5% in the third quarter. Global X Management Co. LLC now owns 9,002 shares of the company’s stock valued at $424,000 after buying an additional 3,212 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ConAgra Foods by 36.4% in the third quarter. JPMorgan Chase & Co. now owns 2,423,989 shares of the company’s stock valued at $114,193,000 after buying an additional 647,132 shares during the last quarter. 74.61% of the stock is owned by hedge funds and other institutional investors.
ConAgra Foods Inc. (NYSE:CAG) opened at 36.69 on Thursday. The company has a market capitalization of $16.06 billion, a PE ratio of 24.56 and a beta of 0.31. The firm’s 50 day moving average price is $42.60 and its 200-day moving average price is $45.29. ConAgra Foods Inc. has a 12-month low of $29.55 and a 12-month high of $38.02.
ConAgra Foods (NYSE:CAG) last issued its quarterly earnings results on Thursday, September 29th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.13. The firm earned $2.67 billion during the quarter. ConAgra Foods had a return on equity of 28.48% and a net margin of 5.76%. The business’s revenue was down 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, equities analysts anticipate that ConAgra Foods Inc. will post $1.68 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Monday, October 31st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, October 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.73%. ConAgra Foods’s dividend payout ratio (DPR) is presently 66.67%.
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Several research analysts have commented on the company. Jefferies Group lowered their target price on ConAgra Foods from $56.00 to $43.00 and set a “buy” rating for the company in a research note on Wednesday. Zacks Investment Research downgraded ConAgra Foods from a “buy” rating to a “hold” rating in a research note on Monday, November 14th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $42.00 price objective (down previously from $54.00) on shares of ConAgra Foods in a research note on Sunday, November 13th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of ConAgra Foods in a research note on Wednesday, November 9th. Finally, Stifel Nicolaus upped their price objective on ConAgra Foods from $46.00 to $52.00 and gave the company a “hold” rating in a research note on Wednesday, October 19th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. ConAgra Foods currently has an average rating of “Buy” and a consensus price target of $49.58.
ConAgra Foods Company Profile
ConAgra Foods, Inc operates as a packaged food company. The Company sells branded, private branded and customized food products, as well as commercially branded foods and ingredients. It also supplies frozen potato and sweet potato products, as well as other vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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