MCCORMICK & CO /SH NV (NYSE:MKC) Expected to Post Quarterly Sales of $1.34 Billion

Wall Street analysts expect MCCORMICK & CO /SH NV (NYSE:MKC) to post $1.34 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for MCCORMICK & CO /SH’s earnings, with the highest sales estimate coming in at $1.35 billion and the lowest estimate coming in at $1.33 billion. MCCORMICK & CO /SH posted sales of $1.35 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.7%. The company is scheduled to report its next earnings report on Thursday, September 26th.

On average, analysts expect that MCCORMICK & CO /SH will report full year sales of $5.37 billion for the current year, with estimates ranging from $5.35 billion to $5.39 billion. For the next year, analysts forecast that the firm will post sales of $5.51 billion, with estimates ranging from $5.45 billion to $5.57 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow MCCORMICK & CO /SH.

MCCORMICK & CO /SH (NYSE:MKC) last announced its quarterly earnings data on Thursday, June 27th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.09 by $0.07. MCCORMICK & CO /SH had a net margin of 12.73% and a return on equity of 21.42%. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the business posted $1.02 EPS. The business’s quarterly revenue was up .0% compared to the same quarter last year.

Several analysts have commented on the stock. JPMorgan Chase & Co. cut shares of MCCORMICK & CO /SH from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $154.00 to $150.00 in a research note on Tuesday, August 20th. Citigroup lifted their price objective on shares of MCCORMICK & CO /SH from $155.00 to $166.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Zacks Investment Research upgraded shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating and set a $161.00 price objective for the company in a research note on Thursday, May 30th. UBS Group set a $155.00 price objective on shares of MCCORMICK & CO /SH and gave the company a “hold” rating in a research note on Friday, June 28th. Finally, Deutsche Bank set a $142.00 price objective on shares of MCCORMICK & CO /SH and gave the company a “hold” rating in a research note on Friday, June 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $142.89.

NYSE MKC traded down $0.69 on Tuesday, hitting $157.12. 474,886 shares of the company’s stock traded hands, compared to its average volume of 1,039,767. The company has a current ratio of 0.79, a quick ratio of 0.35 and a debt-to-equity ratio of 1.18. MCCORMICK & CO /SH has a 1-year low of $119.00 and a 1-year high of $171.10. The firm’s 50-day moving average price is $162.54 and its two-hundred day moving average price is $154.32. The firm has a market capitalization of $20.67 billion, a PE ratio of 31.61, a P/E/G ratio of 3.69 and a beta of 0.16.

In related news, Director Jacques Tapiero sold 2,500 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $169.21, for a total value of $423,025.00. Following the completion of the transaction, the director now directly owns 10,868 shares in the company, valued at approximately $1,838,974.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Malcolm Swift sold 27,200 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $169.28, for a total transaction of $4,604,416.00. Following the completion of the transaction, the insider now owns 50,039 shares of the company’s stock, valued at $8,470,601.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,272 shares of company stock valued at $7,197,181. Company insiders own 11.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of MKC. Fundsmith LLP lifted its stake in shares of MCCORMICK & CO /SH by 93.6% in the 1st quarter. Fundsmith LLP now owns 5,204,584 shares of the company’s stock valued at $783,966,000 after purchasing an additional 2,515,590 shares during the period. Thoroughbred Financial Services LLC increased its holdings in MCCORMICK & CO /SH by 16,307.6% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 552,117 shares of the company’s stock worth $55,212,000 after acquiring an additional 548,752 shares in the last quarter. Invesco Ltd. increased its holdings in MCCORMICK & CO /SH by 53.2% in the 2nd quarter. Invesco Ltd. now owns 1,404,090 shares of the company’s stock worth $217,649,000 after acquiring an additional 487,834 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in MCCORMICK & CO /SH by 14,359.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 433,638 shares of the company’s stock worth $67,218,000 after acquiring an additional 430,639 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its holdings in MCCORMICK & CO /SH by 83.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 612,649 shares of the company’s stock worth $92,284,000 after acquiring an additional 278,184 shares in the last quarter. Hedge funds and other institutional investors own 80.19% of the company’s stock.

MCCORMICK & CO /SH Company Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

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Earnings History and Estimates for MCCORMICK & CO /SH (NYSE:MKC)

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