McCormick & Co. (NYSE:MKC) updated its FY16 earnings guidance on Friday. The company provided earnings per share guidance of $3.75-3.79 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.75. The company issued revenue guidance of $4.34-4.43 billion, compared to the consensus revenue estimate of $4.41 billion.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of McCormick & Co. from a hold rating to a buy rating and set a $119.00 price target on the stock in a research report on Friday, July 8th. Citigroup Inc. reaffirmed a neutral rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. Deutsche Bank AG lifted their price target on shares of McCormick & Co. from $110.00 to $113.00 and gave the company a buy rating in a research report on Saturday, July 2nd. Finally, Sanford C. Bernstein cut shares of McCormick & Co. from an outperform rating to a market perform rating and reduced their price target for the company from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $97.11.
Shares of McCormick & Co. (NYSE:MKC) opened at 96.93 on Tuesday. The company has a 50-day moving average of $99.37 and a 200 day moving average of $99.28. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The firm has a market capitalization of $12.25 billion, a PE ratio of 26.76 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The company earned $1.09 billion during the quarter. During the same period in the prior year, the company posted $0.85 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that McCormick & Co. will post $3.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be given a $0.43 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.77%. McCormick & Co.’s dividend payout ratio is 47.51%.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the sale, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.70% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its stake in McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock valued at $111,000 after buying an additional 237 shares in the last quarter. Pacer Advisors Inc. boosted its stake in McCormick & Co. by 8.4% in the second quarter. Pacer Advisors Inc. now owns 1,953 shares of the company’s stock valued at $208,000 after buying an additional 152 shares in the last quarter. SevenBridge Financial Group LLC acquired a new stake in McCormick & Co. during the second quarter valued at $232,000. Bank of Nova Scotia boosted its stake in McCormick & Co. by 5.5% in the second quarter. Bank of Nova Scotia now owns 2,298 shares of the company’s stock valued at $245,000 after buying an additional 120 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its stake in McCormick & Co. by 3.3% in the second quarter. Wetherby Asset Management Inc. now owns 2,321 shares of the company’s stock valued at $248,000 after buying an additional 74 shares in the last quarter. 72.48% of the stock is owned by institutional investors.
McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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