McCormick & Company, Incorporated (MKC) Updates FY17 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.05-4.13 for the period, compared to the Thomson Reuters consensus estimate of $4.08. The company issued revenue guidance of 3-5% growth to $4.54-4.63 billion, compared to the consensus revenue estimate of $4.56 billion.

Shares of McCormick & Company, Incorporated (NYSE:MKC) opened at 101.36 on Tuesday. McCormick & Company, Incorporated has a 52-week low of $88.64 and a 52-week high of $107.84. The company’s 50 day moving average is $99.06 and its 200 day moving average is $95.25. The firm has a market cap of $12.69 billion, a price-to-earnings ratio of 27.47 and a beta of 0.48.

McCormick & Company, (NYSE:MKC) last released its earnings results on Tuesday, March 28th. The company reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.05 billion. McCormick & Company, had a net margin of 10.71% and a return on equity of 27.97%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 earnings per share. Analysts anticipate that McCormick & Company, Incorporated will post $4.09 earnings per share for the current year.

Earnings History and Estimates for McCormick & Company, (NYSE:MKC)

A number of research analysts have weighed in on MKC shares. Jefferies Group LLC dropped their target price on shares of McCormick & Company, from $95.00 to $90.00 and set a hold rating on the stock in a research note on Wednesday, November 30th. Barclays PLC reiterated a hold rating and issued a $101.00 target price on shares of McCormick & Company, in a research note on Friday, January 27th. Zacks Investment Research cut shares of McCormick & Company, from a hold rating to a sell rating in a research note on Tuesday, December 6th. Deutsche Bank AG started coverage on shares of McCormick & Company, in a research note on Wednesday, February 15th. They issued a hold rating and a $102.00 target price on the stock. Finally, Bank of America Corp started coverage on shares of McCormick & Company, in a research note on Tuesday, December 6th. They issued a buy rating and a $100.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. McCormick & Company, currently has an average rating of Hold and a consensus target price of $101.21.

In other news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $95.09, for a total value of $475,450.00. Following the sale, the director now owns 16,555 shares of the company’s stock, valued at $1,574,214.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 13.70% of the company’s stock.

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McCormick & Company, Company Profile

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

5 Day Chart for NYSE:MKC

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