McCormick & Co. (NYSE:MKC) announced its earnings results on Friday. The company reported $1.03 earnings per share for the quarter, beating the Zacks’ 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 quarter last year, the business posted $0.85 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. McCormick & Co. updated its FY16 guidance to $3.75-3.79 EPS.
McCormick & Co. (NYSE:MKC) opened at 96.93 on Tuesday. The stock’s 50 day moving average price is $99.37 and its 200 day moving average price is $99.28. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 26.76 and a beta of 0.47. McCormick & Co. has a 52-week low of $78.45 and a 52-week high of $107.84.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.77%. McCormick & Co.’s payout ratio is currently 47.51%.
MKC has been the subject of a number of research reports. Deutsche Bank AG lowered their target price on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, September 23rd. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 target price for the company in a research note on Thursday, September 15th. Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. Finally, Citigroup Inc. reiterated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. McCormick & Co. presently has a consensus rating of “Hold” and an average target price of $97.11.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s 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 transaction, the chief financial officer now owns 94,012 shares in the company, valued at $9,887,242.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.70% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors raised its stake in shares of McCormick & Co. by 6.2% in the second quarter. BlackRock Fund Advisors now owns 3,037,792 shares of the company’s stock worth $324,041,000 after buying an additional 177,417 shares during the period. BlackRock Group LTD raised its stake in shares of McCormick & Co. by 8.9% in the second quarter. BlackRock Group LTD now owns 1,616,816 shares of the company’s stock worth $172,465,000 after buying an additional 132,291 shares during the period. Janus Capital Management LLC raised its stake in shares of McCormick & Co. by 16.4% in the second quarter. Janus Capital Management LLC now owns 1,581,927 shares of the company’s stock worth $168,744,000 after buying an additional 222,568 shares during the period. Credit Suisse AG raised its stake in shares of McCormick & Co. by 28.6% in the second quarter. Credit Suisse AG now owns 623,799 shares of the company’s stock worth $66,542,000 after buying an additional 138,756 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of McCormick & Co. by 3.4% in the second quarter. AQR Capital Management LLC now owns 455,052 shares of the company’s stock worth $48,540,000 after buying an additional 14,753 shares during the period. Institutional investors and hedge funds own 72.48% of the company’s stock.
About McCormick & Co.
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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