FDP to Issue Quarterly Dividend of $0.15
Fresh Del Monte Produce declared a quarterly dividend on Tuesday, May 3rd. On Wednesday, May 18th, investors of record will be paid a dividend of 0.15 per share on Friday, June 10th. This represents a $0.60 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Tuesday, May 17th.
Fresh Del Monte Produce has decreased its dividend by an average of 5.9% per year over the last three years and has raised its dividend every year over the previous years. Fresh Del Monte Produce has a payout ratio of 30.6%, meaning its dividend is sufficiently covered by earnings.
Shares of FDP stock opened at $24.75 on Thursday, May 5th. The stock has a market cap of $1.18 billion, a P/E ratio of 14.73 and a beta of 0.71. Fresh Del Monte Produce has a one year low of $24.10 and a one year high of $36.57. The stock has a fifty-day moving average price of $26.14 and a 200-day moving average price of $27.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.74 and a quick ratio of 0.78.
Fresh Del Monte Produce last issued its earnings results on Wednesday, May 4th. Net income declined to $25.8 million, or 54 cents a share, from $42.7 million, or 90 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 55 cents. Fresh and value-added product sales rose 6.6% to $672.7 million, and banana sales fell 2.9% to $406.0 million. The company said "inflation-justified pricing actions" implemented in the fourth quarter helped offset the negative effect of currency fluctuations. Cost of products growth outpaced sales, rising 6.7% to $1.05 billion, reducing the gross margin to 7.9% from 9.7%.
The stock has slipped 7.7% year to date, while the S&P 500 has dropped 12.4%.
The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.46 by $0.09. The firm had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. Fresh Del Monte Produce had a return on equity of 4.41% and a net margin of 1.88%. Fresh Del Monte Produce's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period the previous year, the business earned $0.88 earnings per share.
In other news, VP Reyes Jorge Pelaez sold 2,447 shares of the firm's stock on Thursday, March 24th. The stock was sold at an average price of $25.57 for a total value of $62,569.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessed through the SEC website. Also, SVP Marlene Gordon sold 5,056 shares of the firm's stock in a transaction on Tuesday, March 8th. The shares were sold at an average price of $26.54 for a total value of $134,186.24. The disclosure for this sale can be found here. Insiders have sold 19,164 shares of company stock valued at $501,788 over the last quarter. Corporate insiders own 30.20% of the company's stock.
Several large investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Fresh Del Monte Produce shares by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 48,218 shares of the company's stock valued at $1,331,000 after buying an additional 906 shares in the last quarter. Deutsche Bank AG increased its stake in Fresh Del Monte Produce shares by 4.3% in the fourth quarter. Deutsche Bank AG now owns 22,712 shares of the company's stock valued at $626,000 after buying an additional 936 shares in the last quarter. Legal & General Group Plc increased its Fresh Del Monte Produce position by 3.7% in the fourth quarter. Legal & General Group Plc now owns 93,603 shares of the company's stock worth $2,583,000 after purchasing an additional 3,314 shares. In the fourth quarter, Canada Pension Plan Investment Board acquired a new stake in Fresh Del Monte Produce worth about $221,000.
Finally, Millennium Management LLC acquired a new stake in Fresh Del Monte Produce in the fourth quarter worth $260,000. Institutional investors own 67.95% of the company's stock.