5 Cheap Food Stocks to Buy

2۔ Dole plc (NYSE:DOLE)

Upside Potential as of April 1: 44.8%

Average Price Target as of April 1: $17

Number of Hedge Fund Holders: 16

Dole plc (NYSE:DOLE) is a packaged foods and meats company. It is based in Dublin, Ireland.

On February 1, Deutsche Bank’s Christopher Barnes reiterated a Buy rating on Dole plc (NYSE:DOLE) shares, alongside placing a price target of $17 on the stock.

Dole plc (NYSE:DOLE) was trading with an EV/Revenue (TTM) multiple of 0.29 as of April 1, showing how the stock is trading cheaper than its potential at present. Analysts on Wall Street see the stock as a Strong Buy and have placed an average price target of $17 on the shares.

Our hedge fund data for the fourth quarter shows 16 funds long Dole plc (NYSE:DOLE), with a total stake value of $155 million.

Meridian Funds, managed by ArrowMark Partners, mentioned Dole plc (NYSE:DOLE) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Dole plc (NYSE:DOLE) sources, processes, markets, and distributes fresh fruit and vegetables on a global basis. The company reported solid quarterly results, with strength in the fresh fruit segment offsetting weakness in other parts of the business. We also believe the results provided evidence that company fundamentals may be turning the corner after a rough 2022, during which concerns about its floating rate debt, input cost inflation, temporary plant closures, and a salad recall weighed on the stock. We believe the market is overly focused on these matters and continues to overlook the significant value in Dole’s fixed asset base and its ability to offset cost inflation with price increases. Meanwhile, our covered call positions helped insulate the Fund from losses in Dole as we wait for the turnaround to play out.”