Food products company, ConAgra Foods, Inc. (CAG) recently expanded its product offerings by launching 23 variants in the frozen meals section. This step was taken to promote in-house dining in place of dining at restaurants.
The launched offerings includes meals and desserts from brands like Bertolli and P.F. Chang’s and will be available in the frozen goods departments at supermarkets. The Bertolli brand comes in meals for one or two and Bertolli desserts, whereas P.F. Chang’s offers meals for two. The company intends to build on the retailers’ initiative to expand supermarkets’ reach.
A few days back, ConAgra had taken another step to expand its presence in the industry. Chef Boyardee, one of the company’s brands, united with Microsoft Corp. (MSFT) to give ConAgra’s consumers a taste alongside the opportunity to own the new Xbox. The company intends to reward five buyers daily from Dec 2, 2013 to Feb 18, 2014, with the latest Xbox, on winning a contest involving specially marked cans and microwave cups of Chef Boyardee.
With such initiatives taken to improve the market share, ConAgra is likely to grow over the coming quarters. The company is expected to release its fiscal second-quarter 2014 results on Dec 19. ConAgra currently has a Zacks Consensus Estimate of 55 cents for the quarter.
ConAgra‘s market capitalization is $13.9 billion and it is a Zacks Rank #2 (Buy) stock. Other stocks worth considering in the food industry include The Hain Celestial Group, Inc. (HAIN) and Pinnacle Foods Inc. (PF), both with a Zacks Rank #2.
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