McCormick & Company, Incorporated (MKC) Stock Price Up 5.4% After Better-Than-Expected Earnings

McCormick & Company, Incorporated (NYSE:MKC) shares rose 5.4% on Thursday following a stronger than expected earnings report. The stock traded as high as $102.66 and last traded at $101.65. Approximately 2,595,744 shares traded hands during mid-day trading, an increase of 140% from the average daily volume of 1,082,660 shares. The stock had previously closed at $96.45.

The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.07. McCormick & Company, had a net margin of 10.69% and a return on equity of 28.28%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $1.03 EPS. McCormick & Company,’s quarterly revenue was up 8.6% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 24th. Investors of record on Tuesday, October 10th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Friday, October 6th. McCormick & Company,’s payout ratio is presently 49.87%.

MKC has been the subject of several analyst reports. 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 note on Monday, June 19th. Jefferies Group LLC raised shares of McCormick & Company, from a “hold” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $110.00 in a research note on Friday, July 28th. Edward Jones raised shares of McCormick & Company, from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Credit Suisse Group set a $108.00 price objective on shares of McCormick & Company, and gave the company a “buy” rating in a research note on Saturday, July 1st. Finally, BidaskClub raised shares of McCormick & Company, from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $103.88.

Institutional investors have recently added to or reduced their stakes in the business. FNY Managed Accounts LLC acquired a new position in McCormick & Company, during the 1st quarter worth $135,000. Harfst & Associates Inc. acquired a new position in McCormick & Company, during the 1st quarter worth $139,000. Van ECK Associates Corp lifted its position in McCormick & Company, by 6.9% during the 1st quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock worth $165,000 after acquiring an additional 109 shares during the last quarter. BlueMountain Capital Management LLC lifted its position in McCormick & Company, by 1,600.0% during the 2nd quarter. BlueMountain Capital Management LLC now owns 1,717 shares of the company’s stock worth $167,000 after acquiring an additional 1,616 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in McCormick & Company, by 28.4% during the 2nd quarter. IFP Advisors Inc now owns 1,784 shares of the company’s stock worth $174,000 after acquiring an additional 395 shares during the last quarter. 72.74% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $12.79 billion, a PE ratio of 27.26 and a beta of 0.52. The firm has a 50-day moving average price of $96.50 and a 200-day moving average price of $99.04.

TRADEMARK VIOLATION WARNING: This piece was first reported by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this piece on another site, it was illegally copied and reposted in violation of international copyright & trademark legislation. The correct version of this piece can be viewed at https://stocknewstimes.com/2017/09/30/mccormick-company-incorporated-mkc-stock-price-up-5-4-after-better-than-expected-earnings.html.

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.

Receive News & Ratings for McCormick & Company Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McCormick & Company Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply