Calavo Growers, Inc. (NASDAQ:CVGW) announced an annual dividend on Wednesday, October 3rd, Wall Street Journal reports. Stockholders of record on Friday, November 16th will be paid a dividend of 1.00 per share on Friday, December 7th. This represents a dividend yield of 1%. The ex-dividend date is Thursday, November 15th. This is a boost from Calavo Growers’s previous annual dividend of $0.95.
Calavo Growers has raised its dividend payment by an average of 8.2% per year over the last three years and has increased its dividend every year for the last 6 years. Calavo Growers has a payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Calavo Growers to earn $3.60 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 27.8%.
Shares of Calavo Growers stock traded down $1.27 during trading on Thursday, reaching $94.86. The company’s stock had a trading volume of 128,741 shares, compared to its average volume of 152,347. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 44.54 and a beta of 0.47. Calavo Growers has a fifty-two week low of $70.00 and a fifty-two week high of $108.00.
Calavo Growers (NASDAQ:CVGW) last announced its quarterly earnings data on Wednesday, September 5th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.08. Calavo Growers had a net margin of 4.04% and a return on equity of 18.68%. The company had revenue of $296.50 million for the quarter, compared to analysts’ expectations of $305.12 million. During the same period in the previous year, the company posted $0.50 EPS. Calavo Growers’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts expect that Calavo Growers will post 2.87 EPS for the current year.
A number of equities analysts have recently weighed in on CVGW shares. BidaskClub cut shares of Calavo Growers from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 13th. Lake Street Capital set a $109.00 price objective on shares of Calavo Growers and gave the stock a “buy” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research upgraded shares of Calavo Growers from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $101.50.
In other news, Chairman Lecil E. Cole sold 100,296 shares of the company’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $103.68, for a total transaction of $10,398,689.28. Following the completion of the transaction, the chairman now owns 571,071 shares of the company’s stock, valued at approximately $59,208,641.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Marc Laurence Brown sold 343 shares of the company’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $95.74, for a total transaction of $32,838.82. Following the transaction, the director now directly owns 11,343 shares of the company’s stock, valued at approximately $1,085,978.82. The disclosure for this sale can be found here. 8.40% of the stock is currently owned by corporate insiders.
Calavo Growers Company Profile
Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to grocery retailers, food services, club stores, mass merchandisers, food distributors, wholesalers, supermarkets, specialty/natural retailers, and convenience stores worldwide. It operates in three segments: Fresh Products, Calavo Foods, and RFG.
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