Bruce Taylor Acquires 70,283 Shares of Mission Produce (NASDAQ:AVO) Stock

Mission Produce, Inc. (NASDAQ:AVO) Director Bruce Taylor bought 70,283 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was acquired at an average price of $11.25 per share, with a total value of $790,683.75. Following the completion of the purchase, the director owned 855,842 shares of the company’s stock, valued at $9,628,222.50. This represents a 8.95% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Mission Produce Stock Performance

Mission Produce stock opened at $12.18 on Thursday. The stock has a 50-day simple moving average of $12.28 and a 200 day simple moving average of $12.88. The company has a quick ratio of 1.12, a current ratio of 1.91 and a debt-to-equity ratio of 0.22. Mission Produce, Inc. has a 12-month low of $10.07 and a 12-month high of $15.53. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 38.06 and a beta of 0.50.

Mission Produce announced that its Board of Directors has approved a share repurchase program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVO. UBS Group set a $16.00 target price on shares of Mission Produce in a research note on Wednesday, June 10th. Freedom Capital raised shares of Mission Produce to a “strong-buy” rating in a report on Thursday, March 19th. Weiss Ratings lowered shares of Mission Produce from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, June 9th. Finally, Wall Street Zen cut shares of Mission Produce from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.67.

Institutional Trading of Mission Produce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC raised its holdings in Mission Produce by 1.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 100,025 shares of the company’s stock worth $1,160,000 after purchasing an additional 958 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Mission Produce by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,825 shares of the company’s stock valued at $271,000 after purchasing an additional 1,092 shares during the last quarter. Magnetar Financial LLC grew its position in shares of Mission Produce by 12.6% during the 3rd quarter. Magnetar Financial LLC now owns 12,106 shares of the company’s stock worth $146,000 after buying an additional 1,351 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Mission Produce by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,598 shares of the company’s stock worth $218,000 after buying an additional 2,040 shares during the period. Finally, Diversified Trust Co raised its stake in shares of Mission Produce by 12.0% during the first quarter. Diversified Trust Co now owns 19,373 shares of the company’s stock worth $267,000 after buying an additional 2,074 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Mission Produce Company Profile

Mission Produce, Inc is a leading global supplier, packer and distributor of fresh avocados, serving retail, foodservice and industrial customers. The company manages a vertically integrated supply chain that spans sourcing, post-harvest handling, packing and ripening. Through proprietary ripening technologies and cold-chain logistics, Mission Produce delivers consistent quality and extended shelf life for its avocado offerings.

Founded in 1983 and headquartered in Oxnard, California, Mission Produce grew from a regional packing operation into a publicly traded company listed on the Nasdaq under the ticker AVO.