Calavo Growers (CVGW) Rating Increased to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Calavo Growers (NASDAQ:CVGW) from a buy rating to a strong-buy rating in a research report released on Wednesday, BidAskClub reports.

CVGW has been the subject of a number of other reports. TheStreet upgraded Calavo Growers from a c rating to a b- rating in a research note on Monday, March 11th. ValuEngine upgraded Calavo Growers from a hold rating to a buy rating in a research note on Wednesday, April 24th. Vertical Group upgraded Calavo Growers from a hold rating to a buy rating and set a $96.00 price objective for the company in a research note on Thursday, April 4th. Finally, Zacks Investment Research upgraded Calavo Growers from a hold rating to a buy rating and set a $101.00 price objective for the company in a research note on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $95.40.

Shares of NASDAQ:CVGW opened at $94.89 on Wednesday. The company has a market cap of $1.67 billion, a P/E ratio of 38.11 and a beta of 0.98. Calavo Growers has a 12-month low of $67.52 and a 12-month high of $108.00.

Calavo Growers (NASDAQ:CVGW) last announced its quarterly earnings data on Thursday, March 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.24. The company had revenue of $258.00 million during the quarter, compared to the consensus estimate of $257.86 million. Calavo Growers had a return on equity of 17.32% and a net margin of 2.70%. The firm’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 EPS. On average, research analysts predict that Calavo Growers will post 3.17 earnings per share for the current year.

In related news, Director Marc Laurence Brown sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $85.07, for a total value of $85,070.00. Following the transaction, the director now directly owns 14,750 shares of the company’s stock, valued at approximately $1,254,782.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael Anthony Digregorio sold 1,750 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $84.02, for a total value of $147,035.00. Following the completion of the transaction, the director now directly owns 11,750 shares in the company, valued at $987,235. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,437 shares of company stock valued at $2,996,922. 7.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CVGW. Norges Bank purchased a new position in Calavo Growers in the 4th quarter worth approximately $12,230,000. Pictet Asset Management Ltd. purchased a new position in Calavo Growers in the 1st quarter worth approximately $12,576,000. Vanguard Group Inc. lifted its holdings in Calavo Growers by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,112,251 shares of the company’s stock worth $107,443,000 after purchasing an additional 104,740 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in Calavo Growers by 30.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 379,080 shares of the company’s stock worth $27,658,000 after purchasing an additional 89,278 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its holdings in Calavo Growers by 139.1% in the 1st quarter. William Blair Investment Management LLC now owns 152,314 shares of the company’s stock worth $12,772,000 after purchasing an additional 88,605 shares in the last quarter. 86.84% of the stock is currently owned by institutional investors.

About Calavo Growers

Calavo Growers, Inc markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery and foodservice customers, club stores, mass merchandisers, food distributors, and wholesale customers. It operates in three segments: Fresh Products, Calavo Foods, and RFG. The Fresh products segment distributes avocados and other fresh produce products; and procures avocados grown in California, Mexico, and Peru, as well as various other commodities, including tomatoes and papayas.

See Also: Price to Earnings Ratio (PE)

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