Wellington Management Group LLP Invests $2.12 Million 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 bought a new stake in Fresh Del Monte Produce, Inc. (NYSE:FDP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 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.

Several other hedge funds have also added to or reduced their stakes in the company. Mariner LLC bought a new stake in Fresh Del Monte Produce in the 4th quarter valued at approximately $269,000. MetLife Investment Management LLC increased its holdings in shares of Fresh Del Monte Produce by 4.0% during the fourth quarter. MetLife Investment Management LLC now owns 20,684 shares of the company's stock worth $687,000 after buying an additional 786 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Fresh Del Monte Produce by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,890 shares of the company's stock worth $1,226,000 after buying an additional 2,218 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Fresh Del Monte Produce by 17.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 163,754 shares of the company's stock valued at $5,438,000 after buying an additional 23,917 shares during the period. Finally, Northern Trust Corp lifted its holdings in Fresh Del Monte Produce by 10.1% in the fourth quarter. Northern Trust Corp now owns 376,203 shares of the company's stock valued at $12,494,000 after buying an additional 34,447 shares during the period. Institutional investors own 64.83% of the company's stock.

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 report on Saturday, August 9th.

Insider Buying and Selling

In other Fresh Del Monte Produce news, CEO Ghazaleh Mohammad Abu sold 7,575 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $36.61, for a total value of $277,320.75. Following the completion of the sale, the chief executive officer owned 5,040,782 shares in the company, valued at $184,543,029.02. This represents a 0.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Ziad Nabulsi sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $35.95, for a total value of $35,950.00. Following the completion of the transaction, the senior vice president directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 136,766 shares of company stock worth $5,000,949. Corporate insiders own 31.60% of the company's stock.

Fresh Del Monte Produce Trading Down 0.5%

FDP stock traded down $0.20 on Friday, reaching $35.52. The company's stock had a trading volume of 53,644 shares, compared to its average volume of 372,249. 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, Inc. has a 12-month low of $26.50 and a 12-month high of $40.75. The firm has a market cap of $1.70 billion, a PE ratio of 11.37 and a beta of 0.43. The business has a fifty day simple moving average of $35.25 and a two-hundred day simple moving average of $33.13.

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

Fresh Del Monte Produce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Wednesday, August 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 13th. Fresh Del Monte Produce's dividend payout ratio (DPR) is presently 38.46%.

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.