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

Fresh Del Monte Produce (NYSE:FDP) declared that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Fresh Del Monte Produce Price Performance

FDP stock opened at $29.90 on Thursday. 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 has a 12 month low of $21.23 and a 12 month high of $35.27. The firm has a market cap of $1.43 billion, a P/E ratio of 90.61 and a beta of 0.39. The company’s 50-day moving average price is $31.49 and its two-hundred day moving average price is $30.99.

Fresh Del Monte Produce (NYSE:FDP) last announced its quarterly earnings results 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 company had revenue of $1.01 billion for 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 company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share.

Fresh Del Monte Produce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, March 10th. This is a positive change from Fresh Del Monte Produce’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 4.01%. Fresh Del Monte Produce’s payout ratio is 303.03%.

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.