McCormick & Company, Incorporated (NYSE:MKC) Shares Gap Up on Earnings Beat

McCormick & Company, Incorporated (NYSE:MKC) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $67.67, but opened at $71.69. McCormick & Company, Incorporated shares last traded at $71.99, with a volume of 337,545 shares trading hands.

The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be issued a dividend of $0.42 per share. The ex-dividend date is Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.38%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 64.12%.

Analyst Ratings Changes

MKC has been the topic of a number of analyst reports. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Stifel Nicolaus upped their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, March 27th. Barclays increased their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, March 28th. TD Cowen cut their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday. Finally, Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Patricia A. Little sold 20,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the sale, the director now directly owns 24,732 shares in the company, valued at $1,868,997.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Patricia A. Little sold 20,000 shares of McCormick & Company, Incorporated stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the transaction, the director now owns 24,732 shares in the company, valued at $1,868,997.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,458 shares of company stock valued at $7,747,114. Company insiders own 22.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC boosted its stake in McCormick & Company, Incorporated by 16.5% in the 1st quarter. Lindbrook Capital LLC now owns 944 shares of the company’s stock worth $73,000 after purchasing an additional 134 shares during the period. State of Alaska Department of Revenue boosted its position in shares of McCormick & Company, Incorporated by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 27,267 shares of the company’s stock valued at $2,094,000 after acquiring an additional 135 shares during the period. Taylor Frigon Capital Management LLC grew its stake in McCormick & Company, Incorporated by 1.0% during the first quarter. Taylor Frigon Capital Management LLC now owns 15,536 shares of the company’s stock valued at $1,193,000 after acquiring an additional 156 shares in the last quarter. KFG Wealth Management LLC grew its stake in McCormick & Company, Incorporated by 3.1% during the fourth quarter. KFG Wealth Management LLC now owns 5,229 shares of the company’s stock valued at $358,000 after acquiring an additional 158 shares in the last quarter. Finally, Beaumont Financial Advisors LLC increased its holdings in McCormick & Company, Incorporated by 4.5% during the 4th quarter. Beaumont Financial Advisors LLC now owns 3,690 shares of the company’s stock worth $252,000 after acquiring an additional 159 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Up 4.3 %

The company’s 50 day simple moving average is $72.29 and its 200-day simple moving average is $70.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. The firm has a market capitalization of $18.95 billion, a PE ratio of 26.95, a PEG ratio of 3.58 and a beta of 0.74.

About McCormick & Company, Incorporated

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.