McCormick & Company, Incorporated (NYSE:MKC) Shares Gap Down on Disappointing Earnings

Shares of McCormick & Company, Incorporated (NYSE:MKC) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $80.34, but opened at $76.20. McCormick & Company, Incorporated shares last traded at $79.35, with a volume of 1,469,996 shares.

The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. McCormick & Company, Incorporated’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MKC. Jefferies Financial Group raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their price target for the company from $85.00 to $91.00 in a report on Monday, December 9th. TD Cowen upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their price objective for the company from $86.00 to $90.00 in a research note on Wednesday, January 8th. Barclays decreased their price target on McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Finally, JPMorgan Chase & Co. lifted their target price on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the company an “underweight” rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $83.75.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Margaret M. V. Preston sold 28,092 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $77.03, for a total value of $2,163,926.76. Following the sale, the director now directly owns 6,177 shares in the company, valued at approximately $475,814.31. This trade represents a 81.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 23.80% of the stock is owned by corporate insiders.

Institutional Trading of McCormick & Company, Incorporated

A number of large investors have recently made changes to their positions in MKC. Wellington Management Group LLP grew its stake in McCormick & Company, Incorporated by 8.4% in the fourth quarter. Wellington Management Group LLP now owns 151,523 shares of the company’s stock valued at $11,552,000 after acquiring an additional 11,795 shares during the period. California State Teachers Retirement System increased its stake in McCormick & Company, Incorporated by 2.4% during the 4th quarter. California State Teachers Retirement System now owns 454,202 shares of the company’s stock worth $34,628,000 after purchasing an additional 10,482 shares in the last quarter. Capstone Triton Financial Group LLC raised its holdings in McCormick & Company, Incorporated by 2.0% during the 4th quarter. Capstone Triton Financial Group LLC now owns 10,469 shares of the company’s stock worth $798,000 after buying an additional 210 shares during the period. Smith Shellnut Wilson LLC ADV lifted its stake in McCormick & Company, Incorporated by 8.1% in the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 3,263 shares of the company’s stock valued at $249,000 after buying an additional 245 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth $18,162,000. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Trading Up 0.1 %

The firm has a market capitalization of $21.56 billion, a price-to-earnings ratio of 27.44, a price-to-earnings-growth ratio of 3.76 and a beta of 0.71. The business’s fifty day moving average is $78.75 and its 200 day moving average is $78.85. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.