Calavo Growers, Inc. (NASDAQ:CVGW) announced an annual dividend on Wednesday, October 3rd, Wall Street Journal reports. Shareholders of record on Friday, November 16th will be given a dividend of 1.00 per share on Friday, December 7th. This represents a yield of 1%. The ex-dividend date is Thursday, November 15th. This is a positive change from Calavo Growers’s previous annual dividend of $0.95.
Calavo Growers has increased its dividend payment by an average of 8.2% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Calavo Growers has a payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. 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%.
NASDAQ CVGW opened at $99.24 on Friday. Calavo Growers has a 1 year low of $70.00 and a 1 year high of $108.00. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 35.81 and a beta of 0.48.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Wednesday, September 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $296.50 million for the quarter, compared to analyst estimates of $305.12 million. During the same period in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Calavo Growers will post 2.87 EPS for the current fiscal year.
Several analysts have issued reports on CVGW shares. BidaskClub lowered shares of Calavo Growers from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 13th. Lake Street Capital set a $109.00 price objective on shares of Calavo Growers and gave the company a “buy” rating in a report on Friday, September 7th. Zacks Investment Research upgraded shares of Calavo Growers from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Vertical Group downgraded shares of Calavo Growers from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. Finally, Buckingham Research downgraded shares of Calavo Growers from a “buy” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a report on Tuesday, September 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $101.50.
In other Calavo Growers news, Director Der Kar Scott Van sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $100.00, for a total value of $100,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Lecil E. Cole sold 100,296 shares of the company’s stock in a transaction on 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 in the company, valued at $59,208,641.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,639 shares of company stock worth $10,531,528. Corporate insiders own 8.40% of the company’s stock.
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About Calavo Growers
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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