• Wed, Jan. 11, 9:47 AM
    • Citi dives into the packaged food sector in a new note to clients. Analyst David Driscoll points to margin expansion, tax reform and benign input cost inflation as positive factors. There's also the M&A overhang with food stocks that may or may not be baked into share price.
    • Top picks include Kellogg (K +0.4%), J.M. Smucker (SJM +0.6%), Hershey (HSY -0.1%) and Blue Buffalo Pet Products (BUFF +0.4%).
    • ConAgra Foods (CAG +0.9%) is upgraded to Buy from Neutral.
    • Perhaps most noteworthy of all, Citi takes the Sell sign off Kraft Heinz (KHC +0.7%) as it upgrades to Neutral on the expectation for a deal.
    • Previously: Digging into Kraft Heinz's M&A upside (Dec. 21, 2016)
    • Sources: Bloomberg and Susquehanna
    Wed, Jan. 11, 9:47 AM | 9 Comments
  • Dec. 22, 2016, 8:09 AM
    • Sales fell off at ConAgra Brands (NYSE:CAG) in FQ2, led by a 6% drop in grocery/snacks and 11% falloff in refrigerated/frozen sales.
    • Gross profit as a percentage of profit fell 270 bps Y/Y to 28.3%.
    • "We expect to improve sales growth trends in the second half of the fiscal year as we begin to lap the pricing and trade actions we undertook last year," says CEO Sean Connolly.
    • ConAgra guides for FY17 EPS of $1.65-$1.70 vs. $1.68 consensus. Sales are seen falling 4% to 5% for the full year.
    • Previously: ConAgra Brands beats by $0.04, misses on revenue (Dec. 22)
    Dec. 22, 2016, 8:09 AM
  • Dec. 22, 2016, 7:32 AM
    • ConAgra Brands (NYSE:CAG): FQ2 EPS of $0.49 beats by $0.04.
    • Revenue of $2.09B (-11.4% Y/Y) misses by $20M.
    • Press Release
    Dec. 22, 2016, 7:32 AM | 4 Comments
  • Dec. 21, 2016, 5:30 PM
  • Dec. 13, 2016, 7:53 PM
    • A ConAgra (NYSE:CAG) subsidiary pleads guilty and agrees to pay $11.2M to resolve a decade-long criminal investigation into a nationwide salmonella outbreak blamed on tainted peanut butter, the U.S. Department of Justice announced earlier today.
    • CAG was sentenced to pay an $8M criminal fine - representing the largest fine ever paid in a food safety case - and forfeit an additional $3.2M in assets.
    • In pleading guilty, the company admitted it introduced Peter Pan and private label peanut butter contaminated with salmonella into interstate commerce during the outbreak.
    Dec. 13, 2016, 7:53 PM
  • Dec. 9, 2016, 11:39 AM
    • ConAgra Brands (CAG +0.4%) is on the radar of traders after DealReporter suggests tha Jana Partners may push for a sales.
    • Last night, ConAgra announced that it added Thomas Dickson to the board. Dickson has heavy M&A experiece through his experience at Harris Teeter Supermarkets and board role at CST Brands.
    Dec. 9, 2016, 11:39 AM | 1 Comment
  • Nov. 10, 2016, 12:43 PM
    Nov. 10, 2016, 12:43 PM | 9 Comments
  • Nov. 10, 2016, 12:10 PM
    Nov. 10, 2016, 12:10 PM | 5 Comments
  • Nov. 10, 2016, 8:11 AM
    • Conagra Brands (NYSE:CAG), formerly known as ConAgra Foods, has completed the previously announced separation of its Lamb Weston business, which will begin trading as an independent company on the NYSE under ticker symbol "LW."
    • The name change to Conagra Brands reflects a new direction as a singularly focused, consumer branded food company. Annualized net sales are expected to be approximately $8B.
    Nov. 10, 2016, 8:11 AM | 5 Comments
  • Oct. 18, 2016, 10:48 AM
    • Keep an eye on ConAgra Foods (NYSE:CAG) with the company's Investor Day event in full swing.
    • The early word from management is that the food giant will consider pruning more brands from its portfolio. CEO Sean Connolly also noted that ConAgra aims to be 91% branded food after the Lamb Weston spinoff.
    • Last week, RBC Capital suggested ConAgra was interested in a major acquisition such as Pinnacle Foods, but so far nothing from ConAgra execs leans in that direction.
    • ConAgra Investor Day webcast
    • Shares of ConAgra are up 0.41% on the day and trade fairly close to their 52-week high of $48.81.
    Oct. 18, 2016, 10:48 AM
  • Oct. 14, 2016, 9:46 AM
    • Pinnacle Foods (PF +1.9%) is higher after a fresh analyst note from RBC Capital mentions the food company as a possible acquisition target of ConAgra (CAG +1.3%). Pinnacle currently trades with a market cap of right at $6B, while ConAgra's market value is $20.6B.
    • ConAgra is rated at Outperform by RBC and assigned a price target of $54.
    Oct. 14, 2016, 9:46 AM | 4 Comments
  • Oct. 14, 2016, 8:22 AM
    • RBC says ConAgra (NYSE:CAG) deserves a multiple closer to its peers following the Lamb Weston spinoff and potential for margin upside.
    • Sees a strong chance CAG will make a major near-term acquisition; cites Pinnacle Foods (NYSE:PF) as the mostly likely target.
    • Target of $54 up from $50.
    Oct. 14, 2016, 8:22 AM
  • Oct. 11, 2016, 9:08 AM
    • ConAgra Foods (NYSE:CAG) expects to distribute shares of Lamb Weston on November 9 to holders of record on November 1.
    • Tom Werner has been named the CEO of the frozen potato distributor.
    • An investor day event is scheduled for Lamb Weston on October 13 when long-term strategy and financial targets will be outlined.
    • Lamb Weston will trade under the symbol LW.
    Oct. 11, 2016, 9:08 AM | 6 Comments
  • Oct. 11, 2016, 8:47 AM
    • ConAgra Foods (NYSE:CAG) approved an increase to its existing share repurchase program to authorize $1.25B of buyback firepower.
    • The company notes the authorization is contingent on the completion of the spin-off of the Lamb Weston business.
    • The new allowance has no expiration date.
    • ConAgra says the authorization is part of a broader capital allocation strategy that balances debt reduction, dividends, share repurchases and strategic growth investments.
    • Source: Press Release
    Oct. 11, 2016, 8:47 AM
  • Sep. 29, 2016, 12:01 PM
    Sep. 29, 2016, 12:01 PM
  • Sep. 29, 2016, 7:53 AM
    • ConAgra Foods (NYSE:CAG) reports net sales fell 5% in FQ1 due to Company’s decisive actions to build a higher quality revenue base; divestitures and foreign exchange reduced sales by 2%.
    • Segment net sales: Grocery & Snacks: $757.2M (-5.4%); Refrigerated & Frozen: $604.6M (-8.1%); International: 194.7M (-5.7%); Foodservice: $268M (-1%); Commercial: $843M (-2%).
    • Gross margin rate expanded 200 bps to 27.3%.
    • SG&A expense rate improved 390 bps to 10.6%.
    • Adjusted segment operating margin rate rose 390 bps to 17.6%.
    • CAG +2.02% premarket.
    Sep. 29, 2016, 7:53 AM | 2 Comments