Calavo Growers Inc. (CVGW) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Calavo Growers Inc. (NASDAQ:CVGW) from a hold rating to a buy rating in a research report released on Tuesday. They currently have $73.00 price target on the stock.
According to Zacks, “Calavo Growers, Inc. engages in the procurement and marketing of avocados and other perishable foods and the preparation and distribution of processed avocado products. Their expertise in marketing and distributing avocado, processed avocado, and other perishable foods allows them to deliver a wide array of fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants on a worldwide basis. “
CVGW has been the subject of a number of other research reports. Wunderlich assumed coverage on shares of Calavo Growers in a report on Wednesday, June 22nd. They set a buy rating and a $75.00 price target for the company. Lake Street Capital restated a buy rating on shares of Calavo Growers in a report on Monday, June 6th. Stephens raised their price target on shares of Calavo Growers from $60.00 to $65.00 and gave the stock an outperform rating in a report on Thursday, August 25th. Finally, DA Davidson set a $65.00 price target on shares of Calavo Growers and gave the stock a hold rating in a report on Sunday, August 28th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Calavo Growers currently has an average rating of Buy and an average price target of $65.94.
Shares of Calavo Growers (NASDAQ:CVGW) traded down 0.66% during trading on Tuesday, reaching $64.45. 10,765 shares of the company were exchanged. The firm has a 50-day moving average price of $64.63 and a 200-day moving average price of $61.80. Calavo Growers has a 1-year low of $44.78 and a 1-year high of $71.48. The stock has a market capitalization of $1.12 billion, a P/E ratio of 33.38 and a beta of 0.55.
Calavo Growers (NASDAQ:CVGW) last released its quarterly earnings data on Wednesday, September 7th. The company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.14. The company earned $263.15 million during the quarter, compared to the consensus estimate of $243.80 million. Calavo Growers had a net margin of 3.75% and a return on equity of 16.80%. Calavo Growers’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. Equities research analysts predict that Calavo Growers will post $2.11 earnings per share for the current fiscal year.
The business also recently disclosed an annual dividend, which will be paid on Thursday, December 8th. Investors of record on Thursday, November 17th will be given a dividend of $0.90 per share. The ex-dividend date is Tuesday, November 15th. This represents a dividend yield of 1.36%. This is a boost from Calavo Growers’s previous annual dividend of $0.80. Calavo Growers’s dividend payout ratio (DPR) is presently 41.24%.
In other Calavo Growers news, 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 value 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 approximately $30,646,986.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John M. Hunt sold 14,250 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $68.72, for a total transaction of $979,260.00. Following the completion of the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $2,611,360. The disclosure for this sale can be found here. Corporate insiders own 10.20% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. boosted its position in shares of Calavo Growers by 8.0% in the first quarter. Prudential Financial Inc. now owns 37,586 shares of the company’s stock valued at $2,145,000 after buying an additional 2,800 shares in the last quarter. BlackRock Inc. boosted its position in shares of Calavo Growers by 7.5% in the first quarter. BlackRock Inc. now owns 92,080 shares of the company’s stock valued at $5,254,000 after buying an additional 6,406 shares in the last quarter. BlackRock Group LTD boosted its position in shares of Calavo Growers by 3.2% in the first quarter. BlackRock Group LTD now owns 34,942 shares of the company’s stock valued at $1,994,000 after buying an additional 1,097 shares in the last quarter. Harvest Capital Strategies LLC boosted its position in shares of Calavo Growers by 56.2% in the first quarter. Harvest Capital Strategies LLC now owns 78,101 shares of the company’s stock valued at $4,456,000 after buying an additional 28,101 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of Calavo Growers by 43.8% in the first quarter. LPL Financial LLC now owns 15,730 shares of the company’s stock valued at $898,000 after buying an additional 4,792 shares in the last quarter. 63.25% of the stock is owned by institutional investors.
About Calavo Growers
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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