Trade Report: The Kornitzer Capital Management Inc. KS Reduces Position in ConAgra Foods Inc. (CAG)

The Kornitzer Capital Management Inc. KS Reduces Position in ConAgra Foods Inc. (CAG)

Kornitzer Capital Management Inc. KS cut its stake in shares of ConAgra Foods Inc. (NYSE:CAG) by 11.6% during the second quarter, Holdings Channel reports. The fund owned 139,301 shares of the company’s stock after selling 18,300 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in ConAgra Foods were worth $6,660,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CAG. Stuart Chaussee & Associates Inc. increased its position in shares of ConAgra Foods by 166.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 2,690 shares of the company’s stock worth $130,000 after buying an additional 1,680 shares in the last quarter. Financial Architects Inc increased its position in shares of ConAgra Foods by 71.7% in the second quarter. Financial Architects Inc now owns 3,830 shares of the company’s stock worth $183,000 after buying an additional 1,600 shares in the last quarter. YHB Investment Advisors Inc. purchased a new position in shares of ConAgra Foods during the second quarter worth about $225,000. WealthTrust Axiom LLC increased its position in shares of ConAgra Foods by 1.9% in the second quarter. WealthTrust Axiom LLC now owns 5,400 shares of the company’s stock worth $258,000 after buying an additional 100 shares in the last quarter. Finally, Peregrine Asset Advisers Inc. increased its position in shares of ConAgra Foods by 2.5% in the first quarter. Peregrine Asset Advisers Inc. now owns 5,458 shares of the company’s stock worth $244,000 after buying an additional 133 shares in the last quarter. 75.62% of the stock is owned by institutional investors and hedge funds.

Shares of ConAgra Foods Inc. (NYSE:CAG) traded down 0.11% during trading on Monday, hitting $47.50. 1,964,849 shares of the stock were exchanged. The firm has a 50 day moving average of $45.40 and a 200-day moving average of $46.02. ConAgra Foods Inc. has a 12-month low of $37.97 and a 12-month high of $48.81. The company has a market cap of $20.79 billion, a price-to-earnings ratio of 31.79 and a beta of 0.34.

ConAgra Foods (NYSE:CAG) last posted its earnings results on Thursday, September 29th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.13. The firm earned $2.67 billion during the quarter. ConAgra Foods had a net margin of 5.76% and a return on equity of 28.48%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. On average, analysts forecast that ConAgra Foods Inc. will post $2.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Monday, October 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, October 27th. ConAgra Foods’s dividend payout ratio is presently 66.67%.

A number of research analysts recently issued reports on the stock. Credit Suisse Group AG set a $50.00 price target on shares of ConAgra Foods and gave the stock a “hold” rating in a research note on Saturday, October 1st. Citigroup Inc. lifted their price target on shares of ConAgra Foods from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, September 30th. Jefferies Group reiterated a “buy” rating and issued a $56.00 price target on shares of ConAgra Foods in a research note on Thursday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $49.00 price target on shares of ConAgra Foods in a research note on Wednesday, June 29th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $48.00 price target on shares of ConAgra Foods in a research note on Wednesday, July 6th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $50.91.

About ConAgra Foods

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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