McCormick & Co. to Post Q4 2016 Earnings of $1.27 Per Share, Jefferies Group Forecasts (MKC)
McCormick & Co. (NYSE:MKC) – Jefferies Group reduced their Q4 2016 earnings per share (EPS) estimates for shares of McCormick & Co. in a note issued to investors on Tuesday. Jefferies Group analyst A. Jagdale now anticipates that the brokerage will post earnings of $1.27 per share for the quarter, down from their previous 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.
McCormick & Co. (NYSE:MKC) last announced its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.09. The business earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.85 EPS.
Several other equities analysts also recently weighed in on MKC. Deutsche Bank AG reaffirmed a “buy” rating and set a $113.00 price target (up previously from $110.00) on shares of McCormick & Co. in a report on Sunday, June 26th. Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a research report on Friday, July 8th. Finally, Citigroup Inc. reiterated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $97.11.
Shares of McCormick & Co. (NYSE:MKC) opened at 95.23 on Thursday. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The stock has a market cap of $12.04 billion, a PE ratio of 26.29 and a beta of 0.47. The firm’s 50-day moving average is $98.93 and its 200 day moving average is $99.24.
A number of large investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of McCormick & Co. by 4.1% in the first quarter. Geode Capital Management LLC now owns 1,031,059 shares of the company’s stock valued at $102,379,000 after buying an additional 40,441 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of McCormick & Co. 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 in the last quarter. National Pension Service boosted its stake in shares of McCormick & Co. by 4.5% in the first quarter. National Pension Service now owns 81,966 shares of the company’s stock valued at $8,154,000 after buying an additional 3,527 shares in the last quarter. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of McCormick & Co. during the second quarter valued at $207,000. Finally, Allegis Investment Advisors LLC boosted its stake in shares of McCormick & Co. by 11.9% in the second quarter. Allegis Investment Advisors LLC now owns 3,101 shares of the company’s stock valued at $319,000 after buying an additional 331 shares in the last quarter. Institutional investors own 72.48% of the company’s stock.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’s stock in a transaction on Wednesday, July 13th. The shares were 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 owns 94,012 shares in the company, valued at $9,887,242.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 13.70% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.81%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio is presently 47.51%.
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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