Fresh Del Monte Produce (NYSE:FDP) to Buyback $150.00 million in Stock

Fresh Del Monte Produce (NYSE:FDP) announced that its Board of Directors has approved a share repurchase plan on Monday, February 24th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Fresh Del Monte Produce Stock Performance

NYSE FDP opened at $29.90 on Thursday. The firm has a 50-day moving average of $31.49 and a 200-day moving average of $30.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09. The stock has a market cap of $1.43 billion, a PE ratio of 90.61 and a beta of 0.39. Fresh Del Monte Produce has a 52-week low of $21.23 and a 52-week high of $35.27.

Fresh Del Monte Produce (NYSE:FDP) last posted its earnings results on Monday, February 24th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.16). The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.14 billion. Fresh Del Monte Produce had a return on equity of 5.91% and a net margin of 0.36%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 EPS.

Fresh Del Monte Produce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Monday, March 10th. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio (DPR) is currently 303.03%.

Fresh Del Monte Produce Company Profile

Fresh Del Monte Produce Inc, through its subsidiaries, produces, markets, and distributes fresh and fresh-cut fruits and vegetables in North America, Central America, South America, Europe, the Middle East, Africa, Asia, and internationally. It operates through three segments: Fresh and Value-Added Products, Banana, and Other Products and Services.