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

Fresh Del Monte Produce (NYSE:FDP) announced that its board has authorized 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 allows the company to repurchase up to 10.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Fresh Del Monte Produce Trading Up 0.7 %

Shares of NYSE FDP opened at $30.16 on Wednesday. Fresh Del Monte Produce has a 1 year low of $21.23 and a 1 year high of $35.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04. The firm has a 50-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 P/E ratio of 91.38 and a beta of 0.39.

Fresh Del Monte Produce (NYSE:FDP) last released its 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 business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. Fresh Del Monte Produce’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 earnings per share.

Fresh Del Monte Produce Increases Dividend

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