McCormick & Company, Incorporated (NYSE:MKC) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings results on Wednesday. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.72 by $0.08, MarketWatch Earnings reports. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.54 billion. McCormick & Company, Incorporated had a net margin of 12.48% and a return on equity of 19.50%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 EPS.

MKC traded down $0.39 on Friday, hitting $80.64. 11,875 shares of the company’s stock were exchanged, compared to its average volume of 1,254,342. McCormick & Company, Incorporated has a fifty-two week low of $80.32 and a fifty-two week high of $101.67. The company has a current ratio of 0.86, a quick ratio of 0.38 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $85.51 and a 200-day moving average price of $87.59. The stock has a market cap of $21.55 billion, a price-to-earnings ratio of 29.12, a P/E/G ratio of 4.13 and a beta of 0.48.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 26th. Shareholders of record on Tuesday, October 12th will be paid a dividend of $0.34 per share. The ex-dividend date is Friday, October 8th. This represents a $1.36 annualized dividend and a yield of 1.69%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 48.06%.

Several brokerages recently commented on MKC. Stifel Nicolaus reissued a “hold” rating and issued a $89.00 price target on shares of McCormick & Company, Incorporated in a report on Friday, July 2nd. Credit Suisse Group cut their price target on shares of McCormick & Company, Incorporated from $100.00 to $98.00 and set an “outperform” rating for the company in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of McCormick & Company, Incorporated from $91.00 to $89.00 and set a “hold” rating on the stock in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, McCormick & Company, Incorporated presently has an average rating of “Hold” and an average price target of $92.00.

In other news, Director Freeman A. Hrabowski III sold 2,870 shares of the business’s stock in a transaction dated Friday, August 20th. The shares were sold at an average price of $87.50, for a total transaction of $251,125.00. Following the transaction, the director now owns 92,983 shares of the company’s stock, valued at approximately $8,136,012.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 13.90% of the company’s stock.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacture, market and distribution of spices, seasoning mixes, condiments and other flavorful products to retail outlets, food manufacturers and foodservice businesses. It operates through the following segments: Consumer and Flavor Solutions. The Consumer segment operates by selling to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce through the following brands: McCormick, Lawry’s, Zatarain’s, Simply Asia, Thai Kitchen, Ducros, Vahine, Schwartz, Club House, Kamis, Kohinoor and DaQiao.

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

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