ConAgra profit beats estimates on higher sales of food ingredients

During July, ConAgra entered into a deal with the investor to add two board members, a decision that came after the business had replaced its CEO and said it would divest it struggling private-label company that it acquired in late 2012 for $5 billion. Sales were little changed at $2.79 billion.

ConAgra Foods, Inc. (NYSE:CAG) now has a rating of 2.21 which is the average number based on the 5 recommendations taken into consideration by Zacks.

Revenues from the Commercial Foods segment climbed 3.5% year over year to $1,096.6 million, driven by a rise in domestic sales of the Lamb Weston potato business. The stock is testing the lower end of a 1-month trading range. Finally, Bank of America reiterated an underperform rating on shares of ConAgra Foods in a report on Monday, June 22nd. Credit Suisse lifted their target price on ConAgra Foods from $34.00 to $42.00 and gave the company a neutral rating in a research note on Friday, June 19th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The 50-day SMA for ConAgra Foods Inc.is $n/a and its 200-day SMA is $n/a. The high for the stock over the last 52 weeks is $45.49 and the low is $32.41.

ConAgra reported diluted earnings per share of 45 cents for its first fiscal quarter in 2016.

(NYSE:CAG) are anticipating that the firm will report quarterly earnings of $0.39 for the current period.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Selling, general and administrative (SG&A) expenses were $405.4 million, up 2.9% year over year. This represents a $1.00 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Tuesday, July 28th. The stock presently has an average rating of Hold and a consensus price target of $44.88.

ConAgra Foods, Inc.is a packaged food company. The commercial foods business accounted for 39.3 percent of total sales in the quarter. Consumers can find recognized brands such as Banquet, Chef Boyarde, Egg Beaters, Healthy Choice, Hebrew National, Hunts, Marie Callenders, Odoms Tennessee Pride, Orville Redenbachers, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack, and many other ConAgra Foods brands and products, along with food sold by ConAgra Foods under private brands, in grocery, convenience, mass merchandise, club stores, and drugstores.

The company already has put its private-label business up for sale, and now it is working to reboot several of its consumer food brands.