Fresh Del Monte Produce to buy back $300 million in outstanding shares

Fresh Del Monte Produce announced that its board has authorized a stock buyback plan, which authorizes the company to repurchase $300.00 million in shares on Wednesday, February 21st. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Fresh Del Monte Produce stock traded down $0.43 during trading on Monday, reaching $46.99. 229,680 shares of the company traded hands, compared to its average volume of 243,958. Fresh Del Monte Produce has a 12-month low of $43.02 and a 12-month high of $61.98. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.59 and a quick ratio of 1.21. The firm has a market cap of $2,313.66, a P/E ratio of 19.76 and a beta of 0.43.

Fresh Del Monte Produce last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.08) EPS for the quarter. The business had revenue of $953.70 million during the quarter, compared to analyst estimates of $925.00 million. Fresh Del Monte Produce had a return on equity of 6.70% and a net margin of 2.96%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Wednesday, March 7th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, March 6th. This represents a $0.60 annualized dividend and a dividend yield of 1.28%. Fresh Del Monte Produce’s dividend payout ratio (DPR) is 25.42%.

In other Fresh Del Monte Produce news, Director Madeleine L. Champion purchased 1,000 shares of the company’s stock in a transaction on Friday, May 25th. The stock was acquired at an average price of $52.72 per share, for a total transaction of $52,720.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Also, insider Youssef Zakharia sold 619 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $46.75, for a total transaction of $28,938.25. Following the completion of the transaction, the insider now owns 2,005 shares of the company’s stock, valued at approximately $93,733.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,530 shares of company stock valued at $353,312. Insiders own 36.90% of the company’s stock.

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