JP Morgan reported on Thursday that it is maintaining its “Overweight” rating on ConAgra Foods (CAG) after the company posted solid quarterly performance results.
Ken Goldman, an analyst with the firm, noted, ”“ConAgra reported 4Q13 EPS this morning. Though pro forma EPS of $0.60 were 1c above the Bloomberg consensus, the quality of earnings was a bit light, by our read. Guidance for next year also is light; however, most of the miss will come from the unpredictable Commercial Foods segment and dilution from Ardent Mills, not Consumer Foods or Ralcorp, as perhaps some expected”. Goldman went onto add, ” And management said EPS will grow 10%+ each year over 2015-17, which may be greater than anticipated. It also said to expect $300MM in long-term Ralcorp cost synergies vs prior $225MM”.
ConAgra Foods shares rallied post-earnings on Thursday, gaining a stellar 5.07% on the day. The stock is up nearly 19% YTD.
The Bottom Line
Shares of ConAgra Foods (CAG) have a 2.85% yield based on Thursday’s closing price of $35.04.
ConAgra Foods (CAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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