Kovitz Investment Group Partners LLC Buys 73,235 Shares of Fresh Del Monte Produce, Inc. $FDP

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Fresh Del Monte Produce by 184.7% during the first quarter, acquiring an additional 73,235 shares to own a total of 112,882 shares valued at approximately $3.48 million.
• Fresh Del Monte Produce reported $1.23 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.95, and achieved a revenue of $1.18 billion.
• The company announced a quarterly dividend of $0.30 per share, representing an annualized rate of $1.20 and a dividend yield of 3.3%.

Kovitz Investment Group Partners LLC boosted its stake in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) by 184.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,882 shares of the company's stock after purchasing an additional 73,235 shares during the quarter. Kovitz Investment Group Partners LLC owned about 0.24% of Fresh Del Monte Produce worth $3,480,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of FDP. SummerHaven Investment Management LLC lifted its stake in shares of Fresh Del Monte Produce by 1.3% in the first quarter. SummerHaven Investment Management LLC now owns 36,004 shares of the company's stock valued at $1,110,000 after buying an additional 471 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Fresh Del Monte Produce by 5.0% in the first quarter. Arizona State Retirement System now owns 11,688 shares of the company's stock valued at $360,000 after buying an additional 558 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Fresh Del Monte Produce by 7.4% in the fourth quarter. Bank of Montreal Can now owns 9,669 shares of the company's stock valued at $321,000 after buying an additional 666 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Fresh Del Monte Produce by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,211 shares of the company's stock valued at $638,000 after buying an additional 684 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in shares of Fresh Del Monte Produce by 4.0% in the fourth quarter. MetLife Investment Management LLC now owns 20,684 shares of the company's stock valued at $687,000 after buying an additional 786 shares in the last quarter. 64.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Fresh Del Monte Produce from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th.

Fresh Del Monte Produce Stock Down 1.0%

Shares of FDP stock traded down $0.37 on Thursday, hitting $35.73. The stock had a trading volume of 201,855 shares, compared to its average volume of 378,377. The business has a 50 day moving average of $34.52 and a 200 day moving average of $32.72. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 11.45 and a beta of 0.42. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.08 and a quick ratio of 1.11. Fresh Del Monte Produce, Inc. has a 12-month low of $26.50 and a 12-month high of $40.75.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $0.95 by $0.28. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. Fresh Del Monte Produce had a net margin of 3.49% and a return on equity of 6.84%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.06 earnings per share.

Fresh Del Monte Produce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Wednesday, August 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, August 13th. This represents a $1.20 annualized dividend and a yield of 3.4%. Fresh Del Monte Produce's dividend payout ratio is presently 38.46%.

Insider Activity at Fresh Del Monte Produce

In related news, SVP Effie D. Silva sold 1,315 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $37.54, for a total transaction of $49,365.10. Following the completion of the transaction, the senior vice president owned 7,377 shares in the company, valued at approximately $276,932.58. This represents a 15.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ziad Nabulsi sold 1,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $35.95, for a total transaction of $35,950.00. Following the transaction, the senior vice president owned 10,498 shares of the company's stock, valued at approximately $377,403.10. The trade was a 8.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,574 shares of company stock worth $4,555,575. 31.60% of the stock is owned by company insiders.

Fresh Del Monte Produce Company Profile

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.