McCormick & Co. (MKC) to Post FY2016 Earnings of $3.80 Per Share, Gabelli Forecasts
McCormick & Co. (NYSE:MKC) – Analysts at Gabelli raised their FY2016 earnings per share estimates for shares of McCormick & Co. in a research note issued on Monday. Gabelli analyst S. Donnelly now anticipates that the brokerage will earn $3.80 per share for the year, up from their previous estimate of $3.75.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.09. The firm 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 quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share.
A number of other research firms also recently issued reports on MKC. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price target on the stock in a research note on Friday, July 8th. Citigroup Inc. restated a “neutral” rating on shares of McCormick & Co. in a research note on Tuesday, July 5th. Deutsche Bank AG raised their price target on McCormick & Co. from $110.00 to $113.00 and gave the stock a “buy” rating in a research note on Saturday, July 2nd. Finally, Sanford C. Bernstein downgraded 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 research note on Friday, September 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. McCormick & Co. has an average rating of “Hold” and an average target price of $97.11.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.38% during mid-day trading on Tuesday, hitting $97.30. The company’s stock had a trading volume of 499,384 shares. The company has a market cap of $12.30 billion, a price-to-earnings ratio of 26.86 and a beta of 0.47. The stock’s 50 day moving average price is $99.37 and its 200 day moving average price is $99.28. 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. Investors of record on Tuesday, October 11th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a yield of 1.77%. McCormick & Co.’s dividend payout ratio is currently 47.51%.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction 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 directly owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 13.70% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of MKC. 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 worth $111,000 after buying an additional 237 shares in the last quarter. Coconut Grove Bank boosted its stake in McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares in the last quarter. Mizuho Asset Management Co. Ltd. boosted its stake in McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock worth $142,000 after buying an additional 632 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. acquired a new stake in McCormick & Co. during the second quarter worth approximately $207,000. 72.48% of the stock is currently owned by institutional investors and hedge funds.
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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