Jana Partners boosted its stake in its top holding, ConAgra Foods Inc. (CAG, Financial), a food processing company based in Omaha, Nebraska, by more than 27% with the purchase of 5,850,000 shares for $45.29 per share on May 27.
The acquisition had a 4.79% impact on Jana Partners (Trades, Portfolio)’ portfolio and raised Jana Partners (Trades, Portfolio)’ stake to 27,388,351 shares, which is 6.28% of ConAgra’s outstanding shares and 22.42% of Jana Partners (Trades, Portfolio)’ total assets.
Jana Partners (Trades, Portfolio) is ConAgra’s leading shareholder among the gurus. The firm has held its stake in ConAgra Foods since the second quarter of 2015.
ConAgra was founded as Nebraska Consolidated Mills nearly 100 years ago in 1919 with its headquarters in Grand Island, Nebraska. The headquarters were relocated to Omaha in 1922.
The company’s major brands include Hunt's, Healthy Choice, Marie Callender's, Orville Redenbacher, Slim Jim, Reddi-wip, Egg Beaters, Hebrew National, P. F. Chang's and Bertolli ready meals.
On Nov. 18, 2015 ConAgra announced the company would be renamed Conagra Brands when it relocates its headquarters to Chicago later this year.
ConAgra has a forward P/E of 19.8, a P/B of 5.6 and a P/S of 1.3. GuruFocus gives ConAgra a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.
ConAgra sold for $46.51 per share Friday. The DCF Calculator gives ConAgra a fair value of $-16.05.
Barry Rosenstein founded Jana Partners (Trades, Portfolio), an investment manager specializing in event-driven investing, in 2001. Rosenstein is the company’s managing partner and co-portfolio manager. Today Jana Partners (Trades, Portfolio) owns stocks in 29 companies with a value of more than $5 billion.
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