McCormick & Company, Incorporated (NYSE:MKC) – Jefferies Group cut their Q4 2016 earnings per share (EPS) estimates for McCormick & Company, in a report issued on Tuesday. Jefferies Group analyst A. Jagdale now expects that the brokerage will post earnings of $1.27 per share for the quarter, down from their previous estimate of $1.30. Jefferies Group also issued estimates for McCormick & Company,’s Q2 2017 earnings at $0.80 EPS and Q2 2018 earnings at $0.88 EPS.
MKC has been the subject of a number of other reports. Zacks Investment Research lowered shares of McCormick & Company, from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Citigroup Inc. raised shares of McCormick & Company, from a “sell” rating to a “neutral” rating and raised their target price for the company from $85.00 to $102.00 in a report on Thursday, June 23rd. Deutsche Bank AG reissued a “hold” rating and issued a $110.00 target price (up from $105.00) on shares of McCormick & Company, in a report on Friday, June 24th. Finally, Sanford C. Bernstein lowered shares of McCormick & Company, from an “outperform” rating to a “market perform” rating and cut their target price 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 issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $97.11.
Shares of McCormick & Company, (NYSE:MKC) traded down 0.22% on Thursday, reaching $95.19. 465,184 shares of the company’s stock traded hands. The stock has a 50-day moving average of $99.10 and a 200 day moving average of $99.27. McCormick & Company, has a 12-month low of $78.45 and a 12-month high of $107.84. The firm has a market cap of $12.03 billion, a P/E ratio of 26.28 and a beta of 0.47.
McCormick & Company, (NYSE:MKC) last issued its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.09. McCormick & Company, had a net margin of 10.58% and a return on equity of 27.26%. The business earned $1.09 billion during the quarter. During the same quarter last year, the company posted $0.85 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Company,’s payout ratio is 47.51%.
In other McCormick & Company, news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Company, stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MKC. Meiji Yasuda Asset Management Co Ltd. increased its stake in McCormick & Company, by 47.1% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,057 shares of the company’s stock valued at $503,000 after buying an additional 1,620 shares during the period. Aviva PLC increased its stake in McCormick & Company, by 1.3% in the first quarter. Aviva PLC now owns 58,920 shares of the company’s stock valued at $5,861,000 after buying an additional 745 shares during the period. ING Groep NV acquired a new stake in McCormick & Company, during the first quarter valued at $263,000. Advisor Partners LLC acquired a new stake in McCormick & Company, during the first quarter valued at $242,000. Finally, Bessemer Group Inc. increased its stake in McCormick & Company, by 200.2% in the first quarter. Bessemer Group Inc. now owns 207,241 shares of the company’s stock valued at $20,616,000 after buying an additional 138,205 shares during the period. 72.48% of the stock is owned by institutional investors.
McCormick & Company, 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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