Brokerages Anticipate MCCORMICK & CO /SH NV (MKC) Will Post Quarterly Sales of $1.35 Billion

Equities analysts predict that MCCORMICK & CO /SH NV (NYSE:MKC) will announce $1.35 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for MCCORMICK & CO /SH’s earnings. The highest sales estimate is $1.37 billion and the lowest is $1.33 billion. MCCORMICK & CO /SH reported sales of $1.19 billion during the same quarter last year, which would indicate a positive year over year growth rate of 13.4%. The company is expected to issue its next earnings results before the market opens on Thursday, September 27th.

According to Zacks, analysts expect that MCCORMICK & CO /SH will report full-year sales of $5.46 billion for the current financial year, with estimates ranging from $5.43 billion to $5.49 billion. For the next financial year, analysts expect that the firm will report sales of $5.62 billion per share, with estimates ranging from $5.57 billion to $5.70 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover MCCORMICK & CO /SH.

MCCORMICK & CO /SH (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 28th. The company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. MCCORMICK & CO /SH had a net margin of 15.83% and a return on equity of 21.98%. MCCORMICK & CO /SH’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 earnings per share.

A number of research firms have recently commented on MKC. Zacks Investment Research raised shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine raised shares of MCCORMICK & CO /SH from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Citigroup boosted their target price on shares of MCCORMICK & CO /SH from $114.00 to $117.00 and gave the stock a “neutral” rating in a research report on Friday, June 29th. Vertical Group cut shares of MCCORMICK & CO /SH from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. They noted that the move was a valuation call. Finally, Jefferies Financial Group reissued a “buy” rating and set a $123.00 target price on shares of MCCORMICK & CO /SH in a research report on Thursday, June 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. MCCORMICK & CO /SH has an average rating of “Hold” and a consensus price target of $114.25.

In related news, Director Alan D. Wilson sold 100,000 shares of MCCORMICK & CO /SH stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $125.30, for a total value of $12,530,000.00. Following the completion of the sale, the director now owns 212,894 shares in the company, valued at $26,675,618.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael R. Smith sold 8,000 shares of MCCORMICK & CO /SH stock in a transaction on Monday, July 9th. The stock was sold at an average price of $119.90, for a total transaction of $959,200.00. Following the completion of the sale, the vice president now owns 22,759 shares of the company’s stock, valued at approximately $2,728,804.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 266,600 shares of company stock worth $30,935,200. Corporate insiders own 19.20% of the company’s stock.

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in MCCORMICK & CO /SH by 8.4% during the first quarter. Victory Capital Management Inc. now owns 30,374 shares of the company’s stock valued at $3,231,000 after purchasing an additional 2,345 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in MCCORMICK & CO /SH by 7.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 430,434 shares of the company’s stock valued at $45,794,000 after purchasing an additional 30,497 shares during the last quarter. Signaturefd LLC bought a new stake in MCCORMICK & CO /SH during the first quarter valued at $116,000. US Bancorp DE increased its stake in MCCORMICK & CO /SH by 1.1% during the first quarter. US Bancorp DE now owns 98,238 shares of the company’s stock valued at $10,452,000 after purchasing an additional 1,022 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its stake in MCCORMICK & CO /SH by 167.4% during the first quarter. Teacher Retirement System of Texas now owns 87,850 shares of the company’s stock valued at $9,346,000 after purchasing an additional 55,001 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Shares of NYSE MKC traded up $0.24 during trading on Tuesday, reaching $130.34. 18,262 shares of the stock were exchanged, compared to its average volume of 581,587. MCCORMICK & CO /SH has a twelve month low of $93.70 and a twelve month high of $132.83. The company has a current ratio of 0.85, a quick ratio of 0.42 and a debt-to-equity ratio of 1.47. The stock has a market cap of $17.05 billion, a P/E ratio of 30.56, a PEG ratio of 2.91 and a beta of 0.55.

About MCCORMICK & CO /SH

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

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