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

Fresh Del Monte Produce (NYSE:FDP) declared that its board has initiated a share buyback program on Monday, February 24th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 10.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Fresh Del Monte Produce Stock Up 0.7 %

Fresh Del Monte Produce stock opened at $30.16 on Wednesday. The stock has a fifty day moving average of $31.56 and a 200 day moving average of $30.99. The stock has a market cap of $1.45 billion, a PE ratio of 91.38 and a beta of 0.39. Fresh Del Monte Produce has a one year low of $21.23 and a one year high of $35.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 2.09.

Fresh Del Monte Produce (NYSE:FDP) last posted its quarterly earnings data 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 business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $0.25 EPS.

Fresh Del Monte Produce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $0.30 per share. This is an increase from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.98%. Fresh Del Monte Produce’s payout ratio is presently 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.