Victory Capital Management Inc. Boosts Stock Position in Fresh Del Monte Produce Inc. (NYSE:FDP)

Victory Capital Management Inc. increased its stake in Fresh Del Monte Produce Inc. (NYSE:FDP) by 9.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,647 shares of the company’s stock after buying an additional 1,076 shares during the period. Victory Capital Management Inc.’s holdings in Fresh Del Monte Produce were worth $420,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sherman Asset Management Inc. purchased a new stake in shares of Fresh Del Monte Produce in the 4th quarter worth approximately $54,000. HHM Wealth Advisors LLC grew its stake in shares of Fresh Del Monte Produce by 75.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company’s stock worth $58,000 after buying an additional 750 shares during the last quarter. KBC Group NV grew its stake in shares of Fresh Del Monte Produce by 65.0% in the 4th quarter. KBC Group NV now owns 2,550 shares of the company’s stock worth $85,000 after buying an additional 1,005 shares during the last quarter. GAMMA Investing LLC lifted its position in Fresh Del Monte Produce by 106.5% in the 4th quarter. GAMMA Investing LLC now owns 7,482 shares of the company’s stock valued at $248,000 after acquiring an additional 3,858 shares in the last quarter. Finally, ClearAlpha Technologies LP bought a new position in Fresh Del Monte Produce in the 3rd quarter valued at approximately $252,000. Hedge funds and other institutional investors own 64.83% of the company’s stock.

Insider Activity

In other news, CFO Monica Vicente sold 2,532 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.42, for a total transaction of $77,023.44. Following the transaction, the chief financial officer now directly owns 10,808 shares of the company’s stock, valued at $328,779.36. This represents a 18.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Ziad Nabulsi sold 1,725 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.42, for a total value of $52,474.50. Following the transaction, the senior vice president now directly owns 11,498 shares in the company, valued at $349,769.16. The trade was a 13.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,321 shares of company stock valued at $283,545 in the last ninety days. 30.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Fresh Del Monte Produce from a “hold” rating to a “buy” rating in a research report on Monday, March 17th.

Fresh Del Monte Produce Stock Performance

FDP stock opened at $29.61 on Friday. The stock has a market capitalization of $1.42 billion, a PE ratio of 89.72 and a beta of 0.33. Fresh Del Monte Produce Inc. has a 12-month low of $21.23 and a 12-month high of $35.27. The company has a current ratio of 2.09, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $30.68 and its 200 day simple moving average is $31.22.

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

Fresh Del Monte Produce declared that its Board of Directors has approved a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Fresh Del Monte Produce Increases Dividend

The company also recently declared 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 4.05%. This is a boost from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 10th. Fresh Del Monte Produce’s dividend payout ratio is presently 40.40%.

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.