McCormick & Co. (NYSE:MKC) – Gabelli cut their FY2017 earnings estimates for McCormick & Co. in a research report issued on Monday. Gabelli analyst S. Donnelly now anticipates that the firm will post earnings of $4.10 per share for the year, down from their previous forecast of $4.15.
McCormick & Co. (NYSE:MKC) last released its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.09. The company had revenue of $1.09 billion for the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company posted $0.85 earnings per share.
A number of other analysts have also commented on MKC. Zacks Investment Research lowered McCormick & Co. from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Citigroup Inc. upgraded McCormick & Co. from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $85.00 to $102.00 in a report on Thursday, June 23rd. Deutsche Bank AG reiterated a “hold” rating and set a $110.00 price target (up from $105.00) on shares of McCormick & Co. in a report on Friday, June 24th. Finally, Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $113.00 to $104.00 in a 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 assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $97.11.
McCormick & Co. (NYSE:MKC) traded down 0.17% during mid-day trading on Wednesday, hitting $95.07. The stock had a trading volume of 72,887 shares. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The stock has a market capitalization of $12.02 billion, a P/E ratio of 26.25 and a beta of 0.47. The company’s 50 day moving average is $98.93 and its 200-day moving average is $99.24.
Several hedge funds and other institutional investors have recently made changes to their positions in MKC. Coconut Grove Bank raised its position in shares of McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock valued at $122,000 after buying an additional 12 shares during the period. Synovus Financial Corp increased its stake in McCormick & Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,356 shares of the company’s stock valued at $250,000 after buying an additional 15 shares in the last quarter. HM Capital Management LLC increased its stake in McCormick & Co. by 0.5% in the second quarter. HM Capital Management LLC now owns 3,641 shares of the company’s stock valued at $388,000 after buying an additional 17 shares in the last quarter. Mission Wealth Management LLC increased its stake in McCormick & Co. by 1.0% in the second quarter. Mission Wealth Management LLC now owns 2,342 shares of the company’s stock valued at $250,000 after buying an additional 24 shares in the last quarter. Finally, Citizens Financial Group Inc RI increased its stake in McCormick & Co. by 1.9% in the first quarter. Citizens Financial Group Inc RI now owns 2,719 shares of the company’s stock valued at $270,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 72.48% of the company’s stock.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’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 transaction of $4,091,113.00. Following the completion of the transaction, the chief financial officer now owns 94,012 shares in the company, valued at $9,887,242.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.70% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.81%. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
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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