ConAgra Foods, Inc.NYSE
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  • Tue, Oct. 18, 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.
    | Tue, Oct. 18, 10:48 AM
  • Fri, Oct. 14, 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.
    | Fri, Oct. 14, 9:46 AM | 4 Comments
  • Fri, Oct. 14, 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.
    | Fri, Oct. 14, 8:22 AM
  • Tue, Oct. 11, 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.
    | Tue, Oct. 11, 9:08 AM | 5 Comments
  • Tue, Oct. 11, 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
    | Tue, Oct. 11, 8:47 AM
  • Thu, Sep. 29, 12:01 PM
    | Thu, Sep. 29, 12:01 PM
  • Thu, Sep. 29, 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.
    | Thu, Sep. 29, 7:53 AM | 2 Comments
  • Thu, Sep. 29, 7:34 AM
    • ConAgra Foods (NYSE:CAG): FQ1 EPS of $0.61 beats by $0.13.
    • Revenue of $2.67B (-4.3% Y/Y) misses by $60M.
    • Press Release
    | Thu, Sep. 29, 7:34 AM
  • Wed, Sep. 28, 5:30 PM
  • Mon, Sep. 26, 2:27 PM
    • ConAgra Foods (CAG -0.8%) announces that it acquired the packaged foods businesses of Frontera Foods, Inc. and Red Fork LLC.
    • The deal brings the Frontera, Red Fork, and Salpica brands into the ConAgra portfolio. The acquisition does not include any restaurant assets such as Frontera-branded stores.
    • Terms of the transaction weren't disclosed.
    • Source: Press Release
    | Mon, Sep. 26, 2:27 PM
  • Fri, Sep. 23, 8:10 AM
    • ConAgra Foods (NYSE:CAG) declares $0.25/share quarterly dividend, in line with previous.
    • Forward yield 2.29%
    • Payable Nov. 30; for shareholders of record Oct. 31; ex-div Oct. 27.
    | Fri, Sep. 23, 8:10 AM
  • Mon, Aug. 15, 2:05 PM
    • Jana Partners discloses that it acquired over 2.069M shares of Expedia (EXPE +0.9%).
    • Other new positions include Berry Plastics Group (BERY +1.7%) and Coca-Cola European Partners (CCE +0.6%).
    • The hedge fund trimmed its holdings in ConAgra (CAG -0.6%) to 18.036M shares
    • SEC Form 13F
    | Mon, Aug. 15, 2:05 PM
  • Thu, Jul. 14, 5:40 PM
    • ConAgra Foods (NYSE:CAG) hires David Marberger away from Prestige Brands (NYSE:PBH) to become its new executive VP and CFO, effective Aug. 29.
    • Marberger will succeed current CFO John Gehring, who previously announced his plans to retire from the company but will remain until the end of September.
    • Marberger earlier had spent seven years as CFO at Godiva Chocolatier following stints at Tasty Baking and Campbell's Soup.
    • PBH discloses that it named Ronald Lombardi as interim CFO and has started a search for a fulltime person for the job.
    | Thu, Jul. 14, 5:40 PM | 2 Comments
  • Wed, Jul. 13, 7:10 AM
    • ConAgra Foods (NYSE:CAG) says the separation of itself into two independent companies is still on track for fall of 2016.  Lamb Weston Holdings (LW)  and Conagra Brands, Inc. will be traded separately following the split.
    • “We believe that this separation will create two focused companies that are well-positioned to unlock unique growth opportunities to win in the marketplace and create value for stockholders,” said Sean Connolly, ConAgra Foods president and chief executive officer. “
    • Current ConAgra Foods director Timothy R. McLevish will become the executive chairman of the board of directors of Lamb Weston, effective upon the completion of the spin-off.
    • Additionally, Thomas P. Werner, currently president of Commercial Foods at ConAgra Foods, will become chief executive officer of Lamb Weston and will serve as a director on the Lamb Weston board.
    • Lamb Weston’s portfolio will consist of frozen potato, sweet potato, appetizer and other vegetable products, as well as a continued presence in retail frozen products under licensed brands and private brands. Conagra Brands will be comprised primarily of the operations currently reported as ConAgra Foods’ Consumer Foods segment, as well as the Foodservice business (minus the recently divested Spicetec Flavors & Seasonings and JM Swank businesses), which is currently reported in the Commercial Foods segment.
    • The separation is expected to be structured as a spin-off of the Lamb Weston business and tax-free to ConAgra Foods and its shareholders.
    • Source: Press Release
    | Wed, Jul. 13, 7:10 AM | 2 Comments
  • Tue, Jul. 12, 7:18 AM
    • ConAgra Foods (NYSE:CAG) declares $0.25/share quarterly dividend, in line with previous.
    • Forward yield 2.08%
    • Payable Aug. 31; for shareholders of record July 29; ex-div July 27.
    | Tue, Jul. 12, 7:18 AM
  • Mon, Jul. 11, 2:12 PM
    • A bill requiring food companies to label GMO ingredients was approved by the U.S. Senate by a 63 to 30 vote and now heads to the House of Representatives.
    • The negotiated bill requires food companies to label genetically modified food by a phrase, symbol on the package, or a bar code that can be scanned by smartphones.
    • The Department of agriculture still has two years to write the precise labeling rules if the House approves the bill.
    • The passage of the bill is seen as a positive for the food sector as the alternative of having to adhere to state-by-state rules could create operational chaos for national sellers.
    | Mon, Jul. 11, 2:12 PM | 37 Comments