ConAgra Foods, Inc. (CAG): Are Hedge Funds Right About This Stock?
Is ConAgra Foods, Inc. (NYSE:CAG) a buy?
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What's more, we're going to examine the recent info surrounding ConAgra Foods, Inc. (NYSE:CAG).
Hedge fund activity in ConAgra Foods, Inc. (NYSE:CAG)
Heading into Q3, a total of 32 of the hedge funds we track held long positions in this stock, a change of 7% from the previous quarter. With hedge funds' positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their stakes significantly.
When using filings from the hedgies we track, Adage Capital Management, managed by Phill Gross and Robert Atchinson, holds the most valuable position in ConAgra Foods, Inc. (NYSE:CAG). Adage Capital Management has a $199.2 million position in the stock, comprising 0.6% of its 13F portfolio. The second largest stake is held by Diamond Hill Capital, managed by Ric Dillon, which held a $183.5 million position; 2% of its 13F portfolio is allocated to the company. Remaining hedge funds with similar optimism include Ken Griffin's Citadel Investment Group, Jim Simons's Renaissance Technologies and Israel Englander's Millennium Management.
With a general bullishness amongst the titans, specific money managers have jumped into ConAgra Foods, Inc. (NYSE:CAG) headfirst. Adage Capital Management, managed by Phill Gross and Robert Atchinson, created the most outsized position in ConAgra Foods, Inc. (NYSE:CAG). Adage Capital Management had 199.2 million invested in the company at the end of the quarter. Ric Dillon's Diamond Hill Capital also initiated a $183.5 million position during the quarter. The other funds with brand new CAG positions are Ken Griffin's Citadel Investment Group, Jim Simons's Renaissance Technologies, and Israel Englander's Millennium Management.
What do corporate executives and insiders think about ConAgra Foods, Inc. (NYSE:CAG)?
Insider buying is at its handiest when the company we're looking at has experienced transactions within the past six months. Over the latest half-year time frame, ConAgra Foods, Inc. (NYSE:CAG) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
We'll also examine the relationship between both of these indicators in other stocks similar to ConAgra Foods, Inc. (NYSE:CAG). These stocks are McCormick & Company, Incorporated (NYSE:MKC), Kellogg Company (NYSE:K), The J.M. Smucker Company (NYSE:SJM), Mead Johnson Nutrition CO (NYSE:MJN), and Campbell Soup Company (NYSE:CPB). This group of stocks belong to the processed & packaged goods industry and their market caps are closest to CAG's market cap.
# of Hedge Funds
# of Insiders Buying
# of Insiders Selling
McCormick & Company, Incorporated (NYSE:MKC)
Kellogg Company (NYSE:K)
The J.M. Smucker Company (NYSE:SJM)
Mead Johnson Nutrition CO (NYSE:MJN)
Campbell Soup Company (NYSE:CPB)
Using the results explained by our research, average investors should always pay attention to hedge fund and insider trading activity, and ConAgra Foods, Inc. (NYSE:CAG) is an important part of this process.