Deroy & Devereaux Private Investment Counsel Inc. Boosts Holdings in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Deroy & Devereaux increased its stake in Fresh Del Monte by 52.0% in Q4 to 99,065 shares (worth about $3.53M), representing roughly 0.21% of the company.
• Significant insider selling occurred recently: two SVPs sold large blocks on March 6 and insiders have sold 33,151 shares worth $1.39M over the last three months, leaving corporate insiders with 31.60% ownership.
• Fresh Del Monte beat EPS expectations ($0.70 vs. $0.28 estimate) but missed revenue forecasts ($968.2M vs. $1.01B), and pays a $0.30 quarterly dividend (annualized $1.20, ~2.9% yield; payout ratio ~63.8%).

Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 52.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 99,065 shares of the company's stock after acquiring an additional 33,890 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc. owned 0.21% of Fresh Del Monte Produce worth $3,530,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FDP. EverSource Wealth Advisors LLC boosted its position in Fresh Del Monte Produce by 390.8% during the second quarter. EverSource Wealth Advisors LLC now owns 962 shares of the company's stock valued at $31,000 after buying an additional 766 shares during the period. Larson Financial Group LLC boosted its holdings in Fresh Del Monte Produce by 1,488.5% during the 3rd quarter. Larson Financial Group LLC now owns 969 shares of the company's stock valued at $34,000 after acquiring an additional 908 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Fresh Del Monte Produce by 238.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,065 shares of the company's stock valued at $35,000 after acquiring an additional 750 shares during the period. Sunbelt Securities Inc. bought a new position in Fresh Del Monte Produce during the 3rd quarter worth approximately $77,000. Finally, Tower Research Capital LLC TRC increased its stake in Fresh Del Monte Produce by 34.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,010 shares of the company's stock worth $98,000 after purchasing an additional 775 shares during the period. Institutional investors own 64.83% of the company's stock.

Insider Activity at Fresh Del Monte Produce

In related news, SVP Ziad Nabulsi sold 7,395 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $42.01, for a total value of $310,663.95. Following the completion of the transaction, the senior vice president directly owned 8,397 shares of the company's stock, valued at $352,757.97. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Gianpaolo Renino sold 6,297 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $41.46, for a total transaction of $261,073.62. Following the completion of the sale, the senior vice president owned 3,198 shares of the company's stock, valued at $132,589.08. This trade represents a 66.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,151 shares of company stock valued at $1,391,225 over the last three months. Corporate insiders own 31.60% of the company's stock.

Wall Street Analysts Forecast Growth

FDP has been the subject of several recent research reports. Wall Street Zen upgraded Fresh Del Monte Produce from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Weiss Ratings raised shares of Fresh Del Monte Produce from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy".

Fresh Del Monte Produce Stock Performance

Fresh Del Monte Produce stock opened at $42.08 on Friday. The company has a current ratio of 2.16, a quick ratio of 1.06 and a debt-to-equity ratio of 0.09. The firm has a market cap of $2.00 billion, a P/E ratio of 22.38 and a beta of 0.28. Fresh Del Monte Produce, Inc. has a 1-year low of $31.43 and a 1-year high of $43.58. The firm has a 50-day moving average of $41.47 and a 200-day moving average of $38.06.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its earnings results on Thursday, February 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.42. The firm had revenue of $968.20 million for the quarter, compared to analysts' expectations of $1.01 billion. Fresh Del Monte Produce had a return on equity of 7.63% and a net margin of 2.10%.The business's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 earnings per share.

Fresh Del Monte Produce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Wednesday, March 4th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. Fresh Del Monte Produce's payout ratio is presently 63.83%.

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc is a leading producer, marketer and distributor of fresh and fresh-cut fruits and vegetables worldwide. The company offers a wide range of products including bananas, pineapples, melons, grapes and avocados, along with value-added items such as fruit salads, vegetable trays and snack packs under the Del Monte® brand.

Founded in 1989 as a spin-off from Del Monte, Fresh Del Monte has developed a global supply chain that spans production farms, ripening facilities and packaging centers across Latin America, North America, Europe, Asia and Africa.

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