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Activist Alert: Is ConAgra Foods Inc. (CAG) A Good Stock To Buy Right Now?

How are hedge funds trading ConAgra Foods, Inc. (NYSE:CAG)?

At the end of the first quarter, a total of 23 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -15% from the fourth quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were increasing their holdings considerably.

According to our database, Phill Gross and Robert Atchinson’s Adage Capital Management had the biggest position in ConAgra Foods, Inc. (NYSE:CAG), worth close to $141 million, corresponding to 0.3% of its total 13F portfolio. The second largest stake is held by Ken Griffin of Citadel Investment Group, with a $128 million position; 0.1% of its 13F portfolio is allocated to the company. Remaining peers that are bullish contain Joel Greenblatt’s Gotham Asset Management, Joe Huber’s Huber Capital Management and Anand Parekh’s Alyeska Investment Group. Jana Partners didn’t start buying ConAgra shares before the end of the first quarter.

There were a few hedge funds that sold out their stakes during the first quarter. It’s worth mentioning that Jacob Doft’s Highline Capital Management dumped the largest stake of the “upper crust” of funds watched by Insider Monkey, totaling close to $73.4 million in stock. Benjamin A. Smith’s fund, Laurion Capital Management, also sold off its stock, about $46.4 million worth.

We like imitating activists’ stock moves and Jana Partners is among the best activists in this field. Their involvement will bring in more hedge funds into ConAgra in the next few days. This is definitely a big positive signal. That’s why we think ConAgra is a good stock to buy right now.

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