Analysts Expect McCormick & Company, Incorporated (MKC) Will Announce Quarterly Sales of $1.48 Billion
Wall Street analysts forecast that McCormick & Company, Incorporated (NYSE:MKC) will announce sales of $1.48 billion for the current quarter, Zacks reports. Three analysts have issued estimates for McCormick & Company,’s earnings, with the highest sales estimate coming in at $1.50 billion and the lowest estimate coming in at $1.46 billion. McCormick & Company, reported sales of $1.23 billion in the same quarter last year, which indicates a positive year over year growth rate of 20.3%. The company is expected to issue its next earnings results on Wednesday, January 24th.
On average, analysts expect that McCormick & Company, will report full-year sales of $1.48 billion for the current fiscal year, with estimates ranging from $4.81 billion to $4.84 billion. For the next fiscal year, analysts anticipate that the business will post sales of $5.38 billion per share, with estimates ranging from $5.26 billion to $5.47 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for McCormick & Company,.
McCormick & Company, (NYSE:MKC) last issued its earnings results on Thursday, September 28th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.07. McCormick & Company, had a return on equity of 26.09% and a net margin of 10.05%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $1.03 EPS. The firm’s quarterly revenue was up 8.6% on a year-over-year basis.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of McCormick & Company, from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a research note on Monday. Credit Suisse Group reaffirmed a “buy” rating and set a $115.00 price objective (up from $112.00) on shares of McCormick & Company, in a research report on Friday, September 29th. Edward Jones raised McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) began coverage on McCormick & Company, in a research note on Friday, June 16th. They issued a “neutral” rating and a $101.00 target price on the stock. Finally, Jefferies Group LLC raised McCormick & Company, from a “hold” rating to a “buy” rating and increased their price target for the stock from $95.00 to $110.00 in a report on Friday, July 28th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. McCormick & Company, has a consensus rating of “Buy” and a consensus target price of $105.00.
McCormick & Company, (MKC) opened at 98.06 on Wednesday. The company’s 50-day moving average is $97.31 and its 200-day moving average is $98.89. The firm has a market capitalization of $12.22 billion, a P/E ratio of 26.05 and a beta of 0.53. McCormick & Company, has a 52-week low of $88.64 and a 52-week high of $106.50.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 24th. Investors of record on Tuesday, October 10th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Friday, October 6th. McCormick & Company,’s dividend payout ratio is currently 51.93%.
In other McCormick & Company, news, VP Michael R. Smith sold 5,500 shares of the business’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $102.60, for a total transaction of $564,300.00. Following the sale, the vice president now directly owns 19,248 shares in the company, valued at $1,974,844.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 15.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. FNY Managed Accounts LLC acquired a new position in shares of McCormick & Company, during the 1st quarter worth $135,000. Harfst & Associates Inc. purchased a new stake in shares of McCormick & Company, in the 1st quarter worth about $139,000. Van ECK Associates Corp boosted its position in shares of McCormick & Company, by 6.9% in the 1st quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock worth $165,000 after buying an additional 109 shares in the last quarter. BlueMountain Capital Management LLC boosted its position in shares of McCormick & Company, by 1,600.0% in the 2nd quarter. BlueMountain Capital Management LLC now owns 1,717 shares of the company’s stock worth $167,000 after buying an additional 1,616 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of McCormick & Company, by 28.4% in the 2nd quarter. IFP Advisors Inc now owns 1,784 shares of the company’s stock worth $174,000 after buying an additional 395 shares in the last quarter. 72.74% of the stock is currently owned by institutional investors.
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.
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