Calavo Growers cuts dividend by 65.2%

On March 14, 2023, Calavo Growers Inc. (trading symbol CVGW) declared a $0.10 per share quarterly dividend, down 65.2% from the previous quarterly dividend. 

The global avocado-industry leader and provider of convenient, ready-to-eat fresh food, announced that its board of directors declared a quarterly cash dividend on its common stock of $0.10 per share. The dividend will be paid on April 6, 2023, to Calavo Grower’s shareholders of record as of the close of business on March 24, 2023.

The new annual dividend rate of $0.40 per share will yield 1.68% at a stock price of $23.70 for Calavo Growers. Interestingly enough the company switched from a $1.15 per share annual dividend to quarterly payments last November. This actually was a 75% dividend cut, considering no dividends paid since the last $1.15 dividend 12 months earlier. Calavo explained this change in dividend frequency by telling the annual rate remained unchanged.

However now, only one quarter later, the dividend is cut (again) from $0.2875 to $0.10 quarterly per share. 

Calavo Growers, Inc. (Nasdaq: CVGW) is a global leader in quality produce, including avocados, tomatoes and papayas, and a pioneer of healthy fresh-cut fruit, vegetables and prepared foods. Calavo products are sold under the trusted Calavo brand name, proprietary sub-brands, private label and store brands.