Gabelli Comments on McCormick & Co.’s FY2017 Earnings (MKC)
McCormick & Co. (NYSE:MKC) – Equities researchers at Gabelli reduced their FY2017 earnings per share (EPS) estimates for McCormick & Co. in a note issued to investors on Monday. Gabelli analyst S. Donnelly now anticipates that the brokerage will earn $4.10 per share for the year, down from their previous estimate of $4.15.
McCormick & Co. (NYSE:MKC) last announced its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. The firm earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 EPS.
Several other brokerages have also recently commented on MKC. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a research report on Friday, July 8th. Citigroup Inc. reissued a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th. Deutsche Bank AG lifted their price objective on McCormick & Co. from $110.00 to $113.00 and gave the company a “buy” rating in a report on Saturday, July 2nd. Finally, Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and cut their price objective for the company 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 given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $97.11.
Shares of McCormick & Co. (NYSE:MKC) traded down 0.49% during trading on Wednesday, reaching $96.00. 629,728 shares of the company were exchanged. The stock has a market capitalization of $12.13 billion, a P/E ratio of 26.50 and a beta of 0.47. The stock has a 50-day moving average of $99.23 and a 200 day moving average of $99.30. McCormick & Co. has a 52-week low of $78.45 and a 52-week high of $107.84.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be paid a $0.43 dividend. The ex-dividend date is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.78%. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 94,012 shares in the company, valued at $9,887,242.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 13.70% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. First Trust Advisors LP raised its position in McCormick & Co. by 108.3% in the second quarter. First Trust Advisors LP now owns 1,070,844 shares of the company’s stock valued at $114,227,000 after buying an additional 556,724 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in McCormick & Co. by 15.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,882,526 shares of the company’s stock valued at $386,234,000 after buying an additional 515,435 shares during the last quarter. BlackRock Group LTD raised its position in McCormick & Co. by 25.3% in the first quarter. BlackRock Group LTD now owns 1,484,525 shares of the company’s stock valued at $147,682,000 after buying an additional 300,079 shares during the last quarter. BlackRock Fund Advisors raised its position in McCormick & Co. by 9.6% in the first quarter. BlackRock Fund Advisors now owns 2,860,375 shares of the company’s stock valued at $284,550,000 after buying an additional 250,153 shares during the last quarter. Finally, Janus Capital Management LLC raised its position in McCormick & Co. by 16.4% in the second quarter. Janus Capital Management LLC now owns 1,581,927 shares of the company’s stock valued at $168,744,000 after buying an additional 222,568 shares during the last quarter. Hedge funds and other institutional investors 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.
Receive News & Stock Ratings for McCormick & Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McCormick & Co. and related stocks with our FREE daily email newsletter.