Calavo Growers, Inc. (NASDAQ:CVGW) Declares $0.20 Quarterly Dividend

Key Points

• $0.20 quarterly dividend declared (annualized yield ~2.9%); shareholders of record on April 24 will be paid on April 29, with the ex-dividend date on April 24.
• Calavo reported EPS of $0.27 for the quarter, beating the $0.22 consensus while revenue of $122.2M missed estimates, and its 37.4% payout ratio suggests the dividend is well covered by earnings.
• Institutional ownership is high at 81.3%, with notable inflows including Goldman Sachs (+91.6% stake increase), Arrowstreet (+588.6%), and AQR opening a new ~$2.52M position.

Calavo Growers, Inc. (NASDAQ:CVGW - Get Free Report) announced a quarterly dividend on Friday, March 6th. Investors of record on Friday, April 24th will be given a dividend of 0.20 per share on Wednesday, April 29th. This represents a c) annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, April 24th.

Calavo Growers has decreased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Calavo Growers has a payout ratio of 37.4% meaning its dividend is sufficiently covered by earnings.

Calavo Growers Price Performance

NASDAQ CVGW opened at $27.37 on Wednesday. Calavo Growers has a one year low of $18.40 and a one year high of $28.72. The stock has a 50-day moving average of $26.16 and a 200 day moving average of $23.90. The company has a market capitalization of $489.10 million, a price-to-earnings ratio of 30.75 and a beta of 0.38. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.66 and a current ratio of 2.21.

Calavo Growers (NASDAQ:CVGW - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $122.20 million during the quarter, compared to the consensus estimate of $138.45 million. Calavo Growers had a return on equity of 12.81% and a net margin of 2.61%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CVGW. AQR Capital Management LLC bought a new position in shares of Calavo Growers during the 1st quarter valued at approximately $2,520,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Calavo Growers by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,985 shares of the company's stock worth $240,000 after purchasing an additional 390 shares during the period. Goldman Sachs Group Inc. boosted its stake in Calavo Growers by 91.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 275,452 shares of the company's stock worth $6,608,000 after purchasing an additional 131,674 shares during the period. Jane Street Group LLC boosted its stake in Calavo Growers by 49.7% in the 1st quarter. Jane Street Group LLC now owns 50,858 shares of the company's stock worth $1,220,000 after purchasing an additional 16,891 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Calavo Growers by 588.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 236,579 shares of the company's stock worth $6,291,000 after purchasing an additional 202,221 shares during the period. 81.30% of the stock is currently owned by institutional investors.

About Calavo Growers

Calavo Growers, Inc NASDAQ: CVGW, founded in 1924 and headquartered in Santa Paula, California, is a global supplier and distributor of fresh avocados and perishable foods. The company partners with growers in key producing regions to source, ripen and package whole avocados for retail, wholesale and foodservice customers. Calavo's commitment to quality and food safety underpins its position as a trusted link between growers and end-markets.

The company operates two segments: Fresh and Calavo Foods.

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