Fresh Del Monte Produce (NYSE:FDP) Hits New 12-Month High - Still a Buy?

Fresh Del Monte Produce Inc. (NYSE:FDP - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $35.34 and last traded at $35.28, with a volume of 444718 shares changing hands. The stock had previously closed at $34.78.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Fresh Del Monte Produce from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th.

Fresh Del Monte Produce Stock Down 0.6%

The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 106.28 and a beta of 0.36. The firm's fifty day moving average is $32.72 and its 200-day moving average is $32.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.09 and a quick ratio of 1.04.

Fresh Del Monte Produce (NYSE:FDP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.12 billion. Fresh Del Monte Produce had a net margin of 0.36% and a return on equity of 5.91%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.34 earnings per share.

Fresh Del Monte Produce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Wednesday, May 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $1.20 annualized dividend and a yield of 3.42%. Fresh Del Monte Produce's dividend payout ratio is presently 39.22%.

Fresh Del Monte Produce announced that its board has initiated a stock repurchase plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Fresh Del Monte Produce

In related news, SVP Marissa R. Tenazas sold 1,148 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.05, for a total value of $35,645.40. Following the sale, the senior vice president now directly owns 3,573 shares of the company's stock, valued at $110,941.65. This represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 31.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Fresh Del Monte Produce

Several institutional investors have recently added to or reduced their stakes in FDP. Barclays PLC increased its stake in Fresh Del Monte Produce by 185.7% during the third quarter. Barclays PLC now owns 70,694 shares of the company's stock valued at $2,087,000 after purchasing an additional 45,952 shares during the last quarter. KBC Group NV increased its stake in Fresh Del Monte Produce by 65.0% during the fourth quarter. KBC Group NV now owns 2,550 shares of the company's stock valued at $85,000 after purchasing an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC increased its stake in Fresh Del Monte Produce by 75.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 1,750 shares of the company's stock valued at $58,000 after purchasing an additional 750 shares during the last quarter. Advisors Preferred LLC bought a new stake in Fresh Del Monte Produce during the fourth quarter valued at $7,459,000. Finally, Empowered Funds LLC increased its stake in Fresh Del Monte Produce by 5.1% during the fourth quarter. Empowered Funds LLC now owns 262,063 shares of the company's stock valued at $8,703,000 after purchasing an additional 12,723 shares during the last quarter. Institutional investors own 64.83% of the company's stock.

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.