McCormick & Co. (NYSE:MKC) released its quarterly earnings results on Friday. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.09. The business earned $1.09 billion during the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 earnings per share. McCormick & Co. updated its FY16 guidance to $3.75-3.79 EPS.
McCormick & Co. (NYSE:MKC) opened at 96.93 on Tuesday. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The firm has a 50-day moving average price of $99.37 and a 200 day moving average price of $99.28. The company has a market cap of $12.25 billion, a P/E ratio of 26.76 and a beta of 0.47.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.77%. McCormick & Co.’s payout ratio is 47.51%.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.70% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. 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 valued at $111,000 after buying an additional 237 shares during the period. Pacer Advisors Inc. boosted its position in McCormick & Co. by 8.4% in the second quarter. Pacer Advisors Inc. now owns 1,953 shares of the company’s stock valued at $208,000 after buying an additional 152 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in McCormick & Co. during the second quarter valued at $232,000. Bank of Nova Scotia boosted its position in McCormick & Co. by 5.5% in the second quarter. Bank of Nova Scotia now owns 2,298 shares of the company’s stock valued at $245,000 after buying an additional 120 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its position in McCormick & Co. by 3.3% in the second quarter. Wetherby Asset Management Inc. now owns 2,321 shares of the company’s stock valued at $248,000 after buying an additional 74 shares in the last quarter. 72.48% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on MKC shares. Deutsche Bank AG lowered their price target on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, September 23rd. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 target price for the company in a research report on Thursday, September 15th. Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. McCormick & Co. has an average rating of “Hold” and an average target price of $97.11.
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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