McCormick & Company, Incorporated (NYSE:MKC) Releases Earnings Results, Beats Expectations By $0.11 EPS

by · The Markets Daily

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11, Briefing.com reports. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. McCormick & Company, Incorporated’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the company earned $0.69 EPS.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $47.46 on Thursday. The company has a fifty day moving average price of $48.55 and a 200 day moving average price of $58.13. The firm has a market cap of $12.75 billion, a PE ratio of 7.78, a PEG ratio of 2.34 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a 1-year low of $44.82 and a 1-year high of $78.16.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Monday, July 6th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Monday, July 6th. This represents a $1.92 dividend on an annualized basis and a yield of 4.0%. McCormick & Company, Incorporated’s dividend payout ratio is presently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, April 10th. The stock was acquired at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the acquisition, the director owned 2,906 shares in the company, valued at $153,959.88. This represents a 220.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 10.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Aristotle Capital Management LLC bought a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $259,918,000. Invesco Ltd. raised its position in McCormick & Company, Incorporated by 66.7% during the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock worth $417,006,000 after acquiring an additional 2,494,544 shares in the last quarter. Wellington Management Group LLP lifted its stake in McCormick & Company, Incorporated by 67.2% in the third 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. State Street Corp increased its stake in shares of McCormick & Company, Incorporated by 5.1% during the 3rd quarter. State Street Corp now owns 15,522,816 shares of the company’s stock worth $1,038,632,000 after purchasing an additional 747,844 shares during the last quarter. Finally, Scopus Asset Management L.P. raised its holdings in shares of McCormick & Company, Incorporated by 191.0% in the 3rd quarter. Scopus Asset Management L.P. now owns 885,250 shares of the company’s stock valued at $59,232,000 after purchasing an additional 581,017 shares during the period. Institutional investors and hedge funds own 79.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MKC. Jefferies Financial Group decreased their target price on McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, June 4th. Barclays reduced their price target on shares of McCormick & Company, Incorporated from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. BNP Paribas Exane decreased their price target on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Finally, Sanford C. Bernstein dropped their price objective on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 24th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.90.

View Our Latest Research Report on MKC

About McCormick & Company, Incorporated

(Get Free Report)

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.

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