McCormick & Company, Incorporated (MKC) Forecasted to Post FY2017 Earnings of $4.05 Per Share

McCormick & Company, Incorporated (NYSE:MKC) – Stock analysts at Gabelli decreased their FY2017 earnings estimates for shares of McCormick & Company, in a research report issued to clients and investors on Monday. Gabelli analyst S. Donnelly now anticipates that the company will earn $4.05 per share for the year, down from their previous estimate of $4.10.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of McCormick & Company, from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a research report on Monday, June 19th. Credit Suisse Group set a $108.00 price objective on shares of McCormick & Company, and gave the company a “buy” rating in a research report on Saturday. Edward Jones raised shares of McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Thursday, April 6th. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price objective on shares of McCormick & Company, in a research report on Friday, May 19th. Finally, BidaskClub downgraded shares of McCormick & Company, from a “buy” rating to a “hold” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $102.33.

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McCormick & Company, (NYSE:MKC) opened at 97.30 on Tuesday. The firm has a market cap of $12.12 billion, a P/E ratio of 25.84 and a beta of 0.52. McCormick & Company, has a 1-year low of $88.64 and a 1-year high of $107.84. The firm has a 50-day moving average of $102.31 and a 200 day moving average of $98.43.

McCormick & Company, (NYSE:MKC) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the firm posted $0.75 earnings per share. McCormick & Company,’s revenue for the quarter was up 4.8% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently bought and sold shares of MKC. Teachers Advisors LLC raised its position in McCormick & Company, by 6.2% in the fourth quarter. Teachers Advisors LLC now owns 138,262 shares of the company’s stock worth $12,904,000 after buying an additional 8,118 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in McCormick & Company, during the fourth quarter worth about $591,000. Quadrature Capital Ltd purchased a new position in McCormick & Company, during the fourth quarter worth about $1,597,000. Norges Bank purchased a new position in McCormick & Company, during the fourth quarter worth about $112,107,000. Finally, Thrivent Financial for Lutherans raised its position in McCormick & Company, by 5.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 4,367 shares of the company’s stock worth $406,000 after buying an additional 230 shares during the last quarter. 74.64% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Maritza Gomez Montiel bought 2,500 shares of McCormick & Company, stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $99.62 per share, with a total value of $249,050.00. Following the purchase, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $249,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alan D. Wilson sold 207,531 shares of the business’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $99.83, for a total transaction of $20,717,819.73. Following the transaction, the director now directly owns 194,552 shares of the company’s stock, valued at $19,422,126.16. The disclosure for this sale can be found here. Insiders own 15.30% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Monday, July 10th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, July 6th. McCormick & Company,’s payout ratio is 49.87%.

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.

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

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