The Consumer Foods segment posted sales of approximately $1.7 billion and operating profit of $242 million, as reported.
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The company is seen to release its earnings for the current quarter at $0.40 a share on $3.67 billion sales. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. (NYSE:TSN) has dropped 1.11% during the past week, however, the bigger picture is still very bullish; the shares have posted positive gains of 2.93% in the last 4 weeks.
Wall Street brokerage analysts covering the company are projecting the stock to go to $46 on a short term basis. The company has a market cap of $13,054 million and there are 304,359,000 shares in outstanding.
CAG has been the subject of several analyst reports. KeyBanc reissued a hold rating on shares of ConAgra Foods in a research report on Tuesday, June 30th. Finally, Credit Suisse lifted their target price on shares of ConAgra Foods from $34.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, June 19th.
That pushed the company to an attributable net loss of $1.24 billion, or $2.85 per share, in the quarter.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Thursday, July 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, July 28th.
“In fiscal 2016, the Consumer Foods segment is focused on continuing to strengthen its core business by emphasizing its highest-potential brands, focusing on the most promising sales channels, expanding margins, and getting more brands ready for stronger marketing support in the future”, the company said.
The decision to sell the Ralcorp unit came early this year after a board vote, but pressure amped up on ConAgra in June when New York activist investor Jana Partners took a 7.2 percent stake in the company; it gained two board members amid its demands Connolly right the ship, pronto.
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Brands posting sales growth for the quarter include Chef Boyardee, Egg Beater’s, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, PF Chang’s, Reddi-wip, Ro*Tel, Rosarita, Slim Jim, Swiss Miss, and Wolf. The CongAra Foods can be bought in drug stores, and grocery, convenience, mass merchandise, club. Furthermore, the Business makes frozen potato and sweet potato things, as well as other vegetable, spice, bakery goods, and grain products because of its commercial and foodservice customers. We believe the negative impact of the strengthening USA dollar has partially offset the benefits reaped from improving business in the company’s Commercial Foods and Consumer Foods segments as well as lower operating expenses.
