Calavo Growers, Inc. (NASDAQ:CVGW) Increases Dividend to $0.20 Per Share

Calavo Growers, Inc. (NASDAQ:CVGW) announced a quarterly dividend on Monday, September 9th, Zacks reports. Investors of record on Wednesday, October 2nd will be paid a dividend of 0.20 per share on Wednesday, October 30th. This represents a $0.80 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Wednesday, October 2nd. This is a boost from Calavo Growers’s previous quarterly dividend of $0.10.

Calavo Growers has decreased its dividend payment by an average of 36.1% annually over the last three years. Calavo Growers has a payout ratio of 24.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Calavo Growers to earn $1.60 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 25.0%.

Calavo Growers Price Performance

CVGW stock traded up $1.18 during trading on Wednesday, hitting $27.80. 291,410 shares of the company’s stock traded hands, compared to its average volume of 198,769. Calavo Growers has a 52 week low of $20.30 and a 52 week high of $31.26. The stock has a market capitalization of $494.84 million, a price-to-earnings ratio of -316.67 and a beta of 0.56. The business has a fifty day simple moving average of $23.23 and a 200 day simple moving average of $25.51. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.66 and a current ratio of 1.97.

Calavo Growers (NASDAQ:CVGW) last announced its quarterly earnings results on Monday, June 10th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.19. Calavo Growers had a negative net margin of 0.18% and a positive return on equity of 4.84%. The firm had revenue of $184.38 million during the quarter, compared to the consensus estimate of $157.00 million. As a group, research analysts expect that Calavo Growers will post 1.15 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com upgraded Calavo Growers from a “sell” rating to a “hold” rating in a report on Saturday, August 3rd.

Calavo Growers Company Profile

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers worldwide. It operates through Grown and Prepared segments. The Grown segment distributes tomatoes and papayas; and procures avocados grown in California, Mexico, Peru, and Colombia.