Wellington Management Group LLP Takes $2.12 Million Position in Fresh Del Monte Produce, Inc. $FDP

Key Points

• Wellington Management Group LLP purchased a new stake of 68,638 shares in Fresh Del Monte Produce, valued at approximately $2.12 million, representing 0.14% ownership at the end of the most recent reporting period.
• Fresh Del Monte Produce's quarterly earnings exceeded estimates with earnings per share of $1.23, up from $1.06 in the same quarter last year, contributing to a revenue increase of 3.8% year-over-year.
• The company declared a quarterly dividend of $0.30 per share, with an annualized yield of 3.3%, to be paid on September 5th, 2023, and has a 38.46% dividend payout ratio.

Wellington Management Group LLP purchased a new stake in shares of Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 68,638 shares of the company's stock, valued at approximately $2,116,000. Wellington Management Group LLP owned approximately 0.14% of Fresh Del Monte Produce at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. McIlrath & Eck LLC acquired a new stake in shares of Fresh Del Monte Produce during the fourth quarter valued at about $48,000. State of Wyoming acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth approximately $54,000. Quantinno Capital Management LP acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth approximately $202,000. Kestra Private Wealth Services LLC acquired a new position in shares of Fresh Del Monte Produce in the first quarter worth approximately $235,000. Finally, Mariner LLC acquired a new position in shares of Fresh Del Monte Produce in the fourth quarter worth approximately $269,000. 64.83% of the stock is owned by institutional investors and hedge funds.

Fresh Del Monte Produce Stock Down 1.3%

Shares of NYSE FDP traded down $0.46 during midday trading on Thursday, hitting $35.67. 84,442 shares of the stock traded hands, compared to its average volume of 373,287. The company has a market cap of $1.71 billion, a PE ratio of 11.43 and a beta of 0.43. Fresh Del Monte Produce, Inc. has a one year low of $26.50 and a one year high of $40.75. The business has a 50 day moving average price of $35.18 and a two-hundred day moving average price of $33.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.11 and a current ratio of 2.08.

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

Fresh Del Monte Produce Dividend Announcement

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 issued 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 38.46%.

Insider Buying and Selling

In related news, SVP Ziad Nabulsi sold 1,000 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $35.95, for a total transaction of $35,950.00. Following the completion of the sale, the senior vice president owned 10,498 shares in the company, valued at approximately $377,403.10. This represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Gianpaolo Renino sold 12,192 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $36.53, for a total value of $445,373.76. Following the sale, the senior vice president owned 3,197 shares of the company's stock, valued at $116,786.41. This trade represents a 79.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 136,766 shares of company stock worth $5,000,949. 31.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen raised 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 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.