McCormick & Co. to Post Q4 2016 Earnings of $1.27 Per Share, Jefferies Group Forecasts (MKC)
McCormick & Co. (NYSE:MKC) – Equities research analysts at Jefferies Group reduced their Q4 2016 earnings estimates for shares of McCormick & Co. in a research report issued on Tuesday. Jefferies Group analyst A. Jagdale now forecasts that the firm will earn $1.27 per share for the quarter, down from their prior forecast of $1.30. Jefferies Group also issued estimates for McCormick & Co.’s Q2 2017 earnings at $0.80 EPS and Q2 2018 earnings at $0.88 EPS.
A number of other research firms have also commented on MKC. Citigroup Inc. upgraded McCormick & Co. from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $85.00 to $102.00 in a research note on Thursday, June 23rd. Zacks Investment Research downgraded McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. Sanford C. Bernstein downgraded McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Finally, Deutsche Bank AG reissued a “buy” rating and set a $113.00 target price (up from $110.00) on shares of McCormick & Co. in a research report on Sunday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $97.11.
Shares of McCormick & Co. (NYSE:MKC) opened at 95.23 on Thursday. The company has a 50-day moving average price of $98.93 and a 200 day moving average price of $99.24. McCormick & Co. has a 52-week low of $78.45 and a 52-week high of $107.84. The firm has a market capitalization of $12.04 billion, a PE ratio of 26.29 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its earnings results on Friday, September 30th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The firm had revenue of $1.09 billion for the quarter. During the same quarter in the prior year, the business earned $0.85 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s payout ratio is 47.51%.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. 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 sale, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 13.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in MKC. Van ECK Associates Corp increased 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 during the last quarter. Coconut Grove Bank increased 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 during the last quarter. Washington Trust Bank increased its position in shares of McCormick & Co. by 986.4% in the third quarter. Washington Trust Bank now owns 1,358 shares of the company’s stock valued at $136,000 after buying an additional 1,233 shares during the last quarter. Mizuho Asset Management Co. Ltd. increased its position in shares of McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock valued at $142,000 after buying an additional 632 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock valued at $169,000 after buying an additional 948 shares during the last quarter. 72.48% of the stock is currently owned by institutional investors.
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.
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