McCormick & Company, Incorporated (NYSE:MKC) Releases Earnings Results, Misses Estimates By $0.01 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings data on Thursday. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.01), Zacks reports. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.84 billion. McCormick & Company, Incorporated had a return on equity of 14.30% and a net margin of 11.46%.

McCormick & Company, Incorporated Stock Performance

MKC opened at $66.48 on Thursday. The company has a 50 day simple moving average of $66.91 and a two-hundred day simple moving average of $67.96. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.71 and a quick ratio of 0.29. The firm has a market cap of $17.84 billion, a P/E ratio of 23.00, a PEG ratio of 4.07 and a beta of 0.62. McCormick & Company, Incorporated has a 1-year low of $62.64 and a 1-year high of $86.24.

McCormick & Company, Incorporated Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Monday, December 29th were given a $0.48 dividend. The ex-dividend date was Monday, December 29th. This is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.9%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 66.44%.

Insiders Place Their Bets

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $67.43, for a total value of $3,371,500.00. Following the completion of the transaction, the insider owned 246,762 shares of the company’s stock, valued at approximately $16,639,161.66. This represents a 16.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brendan M. Foley sold 57,144 shares of the stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $65.56, for a total value of $3,746,360.64. Following the completion of the sale, the chief executive officer owned 108,652 shares of the company’s stock, valued at $7,123,225.12. The trade was a 34.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 146,158 shares of company stock worth $9,635,824. 23.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MKC. State Street Corp raised its position in shares of McCormick & Company, Incorporated by 5.1% during the third quarter. State Street Corp now owns 15,522,816 shares of the company’s stock valued at $1,038,632,000 after buying an additional 747,844 shares during the last quarter. Invesco Ltd. grew its stake in McCormick & Company, Incorporated by 66.7% during the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock valued at $417,006,000 after acquiring an additional 2,494,544 shares in the last quarter. Wellington Management Group LLP increased its holdings in McCormick & Company, Incorporated by 67.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company’s stock valued at $187,183,000 after acquiring an additional 1,124,003 shares during the last quarter. Legal & General Group Plc lifted its stake in McCormick & Company, Incorporated by 3.3% in the 3rd quarter. Legal & General Group Plc now owns 1,647,175 shares of the company’s stock worth $110,212,000 after purchasing an additional 52,488 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of McCormick & Company, Incorporated by 0.6% during the 3rd quarter. Raymond James Financial Inc. now owns 1,009,039 shares of the company’s stock valued at $67,515,000 after purchasing an additional 6,268 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MKC. UBS Group cut their price target on McCormick & Company, Incorporated from $71.00 to $70.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Wall Street Zen raised shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Sanford C. Bernstein restated an “outperform” rating and set a $87.00 target price on shares of McCormick & Company, Incorporated in a research report on Thursday, December 11th. JPMorgan Chase & Co. decreased their price target on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating on the stock in a research report on Thursday, September 25th. Finally, Barclays dropped their price target on shares of McCormick & Company, Incorporated from $82.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus price target of $76.63.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private?label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.