Fresh Del Monte Produce (NYSE:FDP) Board Initiates Share Repurchase Program

Fresh Del Monte Produce (NYSE:FDP) declared that its Board of Directors has authorized a stock buyback plan on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in shares. This buyback authorization permits the company to reacquire up to 10.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Fresh Del Monte Produce Trading Down 2.9 %

Shares of FDP stock opened at $29.98 on Tuesday. The stock has a 50-day simple moving average of $31.63 and a 200 day simple moving average of $30.97. Fresh Del Monte Produce has a fifty-two week low of $21.23 and a fifty-two week high of $35.27. The stock has a market capitalization of $1.44 billion, a P/E ratio of 90.85 and a beta of 0.39. The company has a quick ratio of 1.04, a current ratio of 2.09 and a debt-to-equity ratio of 0.14.

Fresh Del Monte Produce (NYSE:FDP) last announced its earnings results on Monday, February 24th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.16). Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business earned $0.25 EPS. The company’s quarterly revenue was up .5% compared to the same quarter last year.

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 issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.00%. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. Fresh Del Monte Produce’s dividend payout ratio is currently 303.04%.

About Fresh Del Monte Produce

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.