Dole PLC Announces Quarterly Dividend of $0.09 (NYSE:DOLE)

Key Points

• Dole declared a quarterly dividend of $0.085 per share, payable October 7 to shareholders of record September 16. The dividend equates to approximately $0.34 annually and a 2.5% yield.
• The dividend appears well covered, with a current payout ratio of 22.7% and an expected future payout ratio of 23.4% based on projected earnings.
• Dole reported quarterly EPS of $0.46, in line with estimates, while revenue rose 2.9% year over year to $2.50 billion. Analysts maintain a consensus “Hold” rating with a $14 price target.

Dole PLC (NYSE:DOLE - Get Free Report) announced a quarterly dividend on Friday, August 7th. Shareholders of record on Wednesday, September 16th will be paid a dividend of 0.085 per share on Wednesday, October 7th. This represents a c) dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 16th.

Dole has a payout ratio of 22.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Dole to earn $1.45 per share next year, which means the company should continue to be able to cover its $0.34 annual dividend with an expected future payout ratio of 23.4%.

Dole Trading Up 0.3%

NYSE:DOLE opened at $13.38 on Monday. Dole has a 1 year low of $12.52 and a 1 year high of $16.57. The stock has a market cap of $1.26 billion, a P/E ratio of 21.57, a P/E/G ratio of 1.40 and a beta of 0.61. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.98 and a current ratio of 1.28. The stock has a 50-day simple moving average of $13.82 and a 200-day simple moving average of $14.33.

Dole (NYSE:DOLE - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.53 billion. Dole had a return on equity of 7.06% and a net margin of 0.63%.The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.55 EPS. As a group, analysts anticipate that Dole will post 1.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DOLE. Zacks Research upgraded shares of Dole from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft set a $14.00 price objective on shares of Dole in a research note on Tuesday, August 11th. Finally, Weiss Ratings raised Dole from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $14.00.

Dole Company Profile

Dole plc NYSE: DOLE is a global producer, marketer and distributor of fresh fruits and vegetables. The company's portfolio includes bananas, pineapples, grapes, berries, avocados, melons, salads, packaged vegetables and other fresh produce. It supplies retail, foodservice and wholesale customers through sourcing, farming, processing, distribution and marketing operations.

The company serves customers across North America, Europe, Latin America, Asia and other international markets. Its vertically integrated operations include agricultural production, procurement from independent growers, fresh-cut processing, cold storage, transportation and distribution.

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