Calavo Growers Inc. (CVGW) Raises Dividend to $0.90 Per Share
Calavo Growers Inc. (NASDAQ:CVGW) announced an annual dividend on Wednesday, September 28th. Investors of record on Thursday, November 17th will be paid a dividend of 0.90 per share on Thursday, December 8th. This represents a dividend yield of 1.36%. The ex-dividend date of this dividend is Tuesday, November 15th. This is a positive change from Calavo Growers’s previous annual dividend of $0.80.
Shares of Calavo Growers (NASDAQ:CVGW) opened at 66.32 on Thursday. The company has a market cap of $1.16 billion, a P/E ratio of 34.34 and a beta of 0.51. The company’s 50 day moving average is $63.92 and its 200 day moving average is $61.40. Calavo Growers has a one year low of $43.08 and a one year high of $71.48.
Calavo Growers (NASDAQ:CVGW) last posted its quarterly earnings results on Wednesday, September 7th. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.14. The company earned $263.15 million during the quarter, compared to analyst estimates of $243.80 million. Calavo Growers had a net margin of 3.75% and a return on equity of 16.80%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. On average, equities analysts predict that Calavo Growers will post $2.11 earnings per share for the current year.
Several equities analysts recently weighed in on the stock. DA Davidson set a $65.00 price target on shares of Calavo Growers and gave the company a “hold” rating in a research report on Sunday, August 28th. Zacks Investment Research upgraded shares of Calavo Growers from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Tuesday, June 7th. Lake Street Capital reiterated a “buy” rating on shares of Calavo Growers in a research report on Monday, June 6th. Stephens increased their target price on shares of Calavo Growers from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, August 25th. Finally, Wunderlich began coverage on shares of Calavo Growers in a research report on Wednesday, June 22nd. They set a “buy” rating and a $75.00 target price for the company. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $65.69.
In other news, Director Marc Laurence Brown sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $68.86, for a total value of $68,860.00. Following the completion of the transaction, the director now directly owns 9,250 shares in the company, valued at $636,955. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth J. Catchot sold 35,647 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $69.42, for a total transaction of $2,474,614.74. Following the completion of the transaction, the insider now owns 441,472 shares of the company’s stock, valued at $30,646,986.24. The disclosure for this sale can be found here. 10.20% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in CVGW. Barclays PLC increased its stake in shares of Calavo Growers by 48.4% in the second quarter. Barclays PLC now owns 1,800 shares of the company’s stock worth $121,000 after buying an additional 587 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Calavo Growers by 1,032.0% in the second quarter. Cubist Systematic Strategies LLC now owns 2,264 shares of the company’s stock worth $152,000 after buying an additional 2,064 shares in the last quarter. Stevens Capital Management LP bought a new stake in shares of Calavo Growers during the second quarter worth $252,000. KCG Holdings Inc. bought a new stake in shares of Calavo Growers during the second quarter worth $335,000. Finally, TFS Capital LLC bought a new stake in shares of Calavo Growers during the second quarter worth $441,000. Institutional investors own 63.25% of the company’s stock.
Calavo Growers Company Profile
Calavo Growers, Inc (Calavo) is a provider of fresh food. The Company is engaged in the marketing and distribution of avocados, prepared avocados and other perishable foods. It also delivers an array of fresh and prepared food products to food distributors, produce wholesalers, supermarkets, convenience stores and restaurants.
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