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6 Food Stocks That Could Rise

3. Fresh Del Monte Produce, a holding company, is a vertically integrated producer, marketer and distributor of fresh and fresh-cut fruit and vegetables, prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East.

The company recorded net sales of $1.04 billion for the second quarter of 2011, compared to $1 billion in the year-ago quarter, riding on higher selling prices across all the segments. Net income increased to $35.2 million, or 59 cents per share, compared to $21.2 million, or 34 cents per share, in the year-ago quarter. For the quarter, gross profit increased by $12.2 million to $103.7 million. As of July 1, 2011, cash and cash equivalents stood at $55.1 million, vs. $26.5 million recorded at July 2, 2010.

The company's board of directors recently approved raising the company's regular quarterly cash dividend to 10 cents per share from the earlier 5 cents, payable Sept. 9, 2011, with an ex-dividend date of Aug. 15, 2011.

Of the seven analysts covering the stock, one rates it a buy and six rate it a hold.

The average 12-month price target of analysts polled by Bloomberg is $27.33, 20.5% greater than recent levels.

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FDP $40.91 0.15%
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