Conagra’s Focus on Value Over Volume Continues in 3Q, but Shares Aren’t Cheap
Narrow-moat Conagra’s third-quarter results reflected that the firm is not immune to headwinds plaguing the overall packaged food space, with organic sales declining 2.2% (on top of a mid-single-digit decline the year prior). While we had expected volumes to decline, as the impact of hurricanes increased shipments ahead of consumption in the second quarter, allowing for around 2% organic growth in that period, we were pleased to see 60 basis points of improvement in price/mix, in line with our e...Conagra Brands is a packaged goods food company. The company's segments are: Grocery and Snacks, which includes branded, shelf stable food products sold in various retail channels; Refrigerated and Frozen, which includes branded, temperature controlled food products sold in various retail channels; International, which includes branded food products sold in retail and foodservice channels outside of the U.S.; Foodservice, which includes customized food products for sale to restaurants and other foodservice establishments; Pinnacle Foods, which includes and private-label food products; and Commercial Foods, which included commercially branded and private label food and ingredients, among others.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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