Shares of ConAgra Foods have rallied more than 1.5% so far today, boosted by some positive news from the packaged-foods provider. According to the firm, it has raised its quarterly dividend to 19 cents per share, payable on December 3 to shareholders of record as of November 2. The company also said its board approved an additional $500 million of share repurchases.

Having been largely influenced by market forces, CAG shares have fluctuated wildly during the past year - ranging from a high of $27.45 per share to a low of $24.55 per share. Still, the stock has not strayed far from its 10-month moving average, which is currently poised just below the equity.

Sentiment has remained largely bearish toward CAG, and could provide the impetus for the stock to rally on a continued upturn in the market. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.54 indicates that puts easily outnumber calls among near-term options. Furthermore, this ratio ranks below just 1% of those taken during the past year. Meanwhile, 5 of the 9 analysts following the equity rate it a hold or worse.