NewEdge Advisors LLC Makes New Investment in Fresh Del Monte Produce Inc $DMC

Key Points

• NewEdge Advisors acquired 144,151 shares of Fresh Del Monte Produce in the second quarter, valued at approximately $4.02 million and representing a 0.31% stake. Arizona State Retirement System also initiated a roughly $302,000 position.
• Fresh Del Monte reported quarterly revenue of $1.22 billion and earnings of $0.72 per share, while its stock opened at $31.30, within a 52-week range of $26.47 to $43.58.
• The company paid a quarterly dividend of $0.30 per share, equivalent to a 3.8% annualized yield, though its payout ratio is elevated at 169.01%. Analysts maintain a consensus “Hold” rating, despite one recent upgrade to “Buy.”

NewEdge Advisors LLC acquired a new position in shares of Fresh Del Monte Produce Inc (NYSE:DMC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 144,151 shares of the company's stock, valued at approximately $4,023,000. NewEdge Advisors LLC owned 0.31% of Fresh Del Monte Produce as of its most recent filing with the Securities and Exchange Commission.

Separately, Arizona State Retirement System bought a new stake in shares of Fresh Del Monte Produce in the second quarter valued at about $302,000. 64.83% of the stock is currently owned by hedge funds and other institutional investors.

Fresh Del Monte Produce Stock Performance

Shares of DMC stock opened at $31.30 on Wednesday. Fresh Del Monte Produce Inc has a 52-week low of $26.47 and a 52-week high of $43.58. The firm has a market capitalization of $1.48 billion, a PE ratio of 44.09 and a beta of 0.25. The company has a quick ratio of 1.04, a current ratio of 2.23 and a debt-to-equity ratio of 0.21.

Fresh Del Monte Produce (NYSE:DMC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.72 EPS for the quarter. Fresh Del Monte Produce had a net margin of 0.79% and a return on equity of 6.43%. The company had revenue of $1.22 billion during the quarter.

Fresh Del Monte Produce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Wednesday, August 12th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 12th. This represents a $1.20 dividend on an annualized basis and a yield of 3.8%. Fresh Del Monte Produce's dividend payout ratio (DPR) is currently 169.01%.

Analyst Ratings Changes

Several equities analysts recently issued reports on DMC shares. Weiss Ratings started coverage on Fresh Del Monte Produce in a research note on Wednesday, August 5th. They set a "hold (c)" rating on the stock. Wall Street Zen upgraded Fresh Del Monte Produce from a "hold" rating to a "buy" rating in a research report on Saturday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold".

Insider Buying and Selling

In related news, COO Mohammed Abbas acquired 12,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were bought at an average cost of $29.89 per share, with a total value of $358,680.00. Following the completion of the acquisition, the chief operating officer owned 71,930 shares of the company's stock, valued at $2,149,987.70. This trade represents a 20.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 30.60% of the stock is currently owned by corporate insiders.

Fresh Del Monte Produce Profile

Fresh Del Monte Produce Inc is a global producer, distributor and marketer of fresh and prepared fruits and vegetables. Its product portfolio includes bananas, pineapples, melons, avocados, berries, grapes, tomatoes and other vegetables, as well as prepared fruit, juices and vegetable products.

The company serves retail, foodservice and other customers through an integrated network that includes farming, sourcing, processing, packaging, distribution and marketing. Its products are sold under the Del Monte brand and other company and private-label brands in North America, Europe, Asia, the Middle East and Africa.

Fresh Del Monte traces its brand heritage to the late 19th century and has developed agricultural and distribution operations across multiple regions.

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