$1.63 Billion in Sales Expected for McCormick & Company, Incorporated (NYSE:MKC) This Quarter

Wall Street analysts expect McCormick & Company, Incorporated (NYSE:MKC – Get Rating) to report sales of $1.63 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for McCormick & Company, Incorporated’s earnings, with the highest sales estimate coming in at $1.67 billion and the lowest estimate coming in at $1.60 billion. McCormick & Company, Incorporated posted sales of $1.56 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4.5%. The firm is expected to announce its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that McCormick & Company, Incorporated will report full-year sales of $6.63 billion for the current fiscal year, with estimates ranging from $6.61 billion to $6.64 billion. For the next year, analysts expect that the business will post sales of $6.89 billion, with estimates ranging from $6.78 billion to $6.96 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow McCormick & Company, Incorporated.

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) last released its earnings results on Tuesday, March 29th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.47 billion. McCormick & Company, Incorporated had a return on equity of 18.00% and a net margin of 11.77%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.72 earnings per share.

Several research firms recently issued reports on MKC. StockNews.com began coverage on McCormick & Company, Incorporated in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft upped their price target on McCormick & Company, Incorporated from $96.00 to $99.00 in a report on Wednesday, March 30th. Argus upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $112.00 price target on the stock in a report on Thursday, February 17th. They noted that the move was a valuation call. Finally, Credit Suisse Group downgraded McCormick & Company, Incorporated from an “outperform” rating to a “neutral” rating and set a $100.00 price objective on the stock. in a report on Wednesday, January 19th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $99.80.

Shares of McCormick & Company, Incorporated stock opened at $97.54 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.32 and a debt-to-equity ratio of 0.86. The firm has a market cap of $26.15 billion, a P/E ratio of 35.21, a P/E/G ratio of 5.14 and a beta of 0.45. McCormick & Company, Incorporated has a 12 month low of $77.85 and a 12 month high of $107.35. The stock’s fifty day moving average price is $99.66 and its 200-day moving average price is $94.39.

The company also recently announced a quarterly dividend, which was paid on Monday, April 25th. Investors of record on Monday, April 11th were given a $0.37 dividend. The ex-dividend date was Friday, April 8th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.52%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 53.43%.

In related news, CFO Michael R. Smith sold 19,986 shares of the company’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $104.04, for a total value of $2,079,343.44. Following the completion of the sale, the chief financial officer now directly owns 93,025 shares of the company’s stock, valued at approximately $9,678,321. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 15.90% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA acquired a new stake in McCormick & Company, Incorporated during the 4th quarter worth approximately $257,713,000. Norges Bank purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $233,048,000. BlackRock Inc. raised its stake in shares of McCormick & Company, Incorporated by 4.7% during the 4th quarter. BlackRock Inc. now owns 20,370,004 shares of the company’s stock worth $1,967,945,000 after buying an additional 915,428 shares in the last quarter. Fundsmith LLP raised its stake in shares of McCormick & Company, Incorporated by 5.1% during the 3rd quarter. Fundsmith LLP now owns 18,713,629 shares of the company’s stock worth $1,516,365,000 after buying an additional 908,972 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $76,003,000. 74.86% of the stock is owned by hedge funds and other institutional investors.

About McCormick & Company, Incorporated (Get Rating)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.

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