McCormick & Company, Incorporated (NYSE:MKC) – Gabelli boosted their FY2019 earnings estimates for shares of McCormick & Company, in a report released on Friday. Gabelli analyst S. Donnelly now expects that the company will earn $5.15 per share for the year, up from their prior estimate of $4.85. Gabelli also issued estimates for McCormick & Company,’s FY2021 earnings at $6.10 EPS.
McCormick & Company, (NYSE:MKC) last issued its earnings results on Thursday, June 29th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.06. McCormick & Company, had a net margin of 10.69% and a return on equity of 28.28%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the firm earned $0.75 earnings per share. The business’s revenue was up 4.8% on a year-over-year basis.
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Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded McCormick & Company, from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a research note on Monday, June 19th. Edward Jones raised McCormick & Company, from a “hold” rating to a “buy” rating in a report on Thursday, April 6th. Credit Suisse Group set a $108.00 target price on McCormick & Company, and gave the company a “buy” rating in a report on Saturday, July 1st. BidaskClub lowered McCormick & Company, from a “buy” rating to a “hold” rating in a report on Friday, June 30th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price objective on shares of McCormick & Company, in a report on Friday, May 19th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $102.33.
Shares of McCormick & Company, (NYSE MKC) opened at 93.78 on Monday. The firm’s 50 day moving average is $100.01 and its 200 day moving average is $98.75. McCormick & Company, has a 52-week low of $88.64 and a 52-week high of $106.50. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 24.91 and a beta of 0.52.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, July 10th were given a $0.47 dividend. The ex-dividend date was Thursday, July 6th. This represents a $1.88 annualized dividend and a dividend yield of 2.01%. McCormick & Company,’s dividend payout ratio (DPR) is presently 49.87%.
In related news, Director Maritza Gomez Montiel purchased 2,500 shares of McCormick & Company, stock in a transaction on Wednesday, May 3rd. The stock was bought at an average price of $99.62 per share, with a total value of $249,050.00. Following the completion of the transaction, the director now directly owns 2,500 shares of the company’s stock, valued at $249,050. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 15.30% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. FNY Managed Accounts LLC bought a new stake in McCormick & Company, during the first quarter worth $135,000. Harfst & Associates Inc. purchased a new position in McCormick & Company, during the first quarter valued at about $139,000. Van ECK Associates Corp increased its position in McCormick & Company, by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock valued at $165,000 after buying an additional 109 shares in the last quarter. Pacer Advisors Inc. increased its position in McCormick & Company, by 3.4% in the first quarter. Pacer Advisors Inc. now owns 1,995 shares of the company’s stock valued at $195,000 after buying an additional 66 shares in the last quarter. Finally, Charter Trust Co. purchased a new position in McCormick & Company, during the first quarter valued at about $202,000. Hedge funds and other institutional investors own 73.65% of the company’s stock.
About McCormick & Company,
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.
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