McCormick & Company, Incorporated (NYSE:MKC) Shares Gap Down on Disappointing Earnings

McCormick & Company, Incorporated (NYSE:MKC) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $80.34, but opened at $76.20. McCormick & Company, Incorporated shares last traded at $79.35, with a volume of 1,469,996 shares traded.

The company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.04). McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MKC shares. JPMorgan Chase & Co. lifted their price objective on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the company an “underweight” rating in a report on Friday, January 24th. TD Cowen upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and increased their target price for the stock from $86.00 to $90.00 in a report on Wednesday, January 8th. Barclays reduced their price target on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Finally, Jefferies Financial Group raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $91.00 in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.75.

Insider Buying and Selling

In related news, Director Margaret M. V. Preston sold 28,092 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $77.03, for a total value of $2,163,926.76. Following the completion of the transaction, the director now directly owns 6,177 shares in the company, valued at $475,814.31. The trade was a 81.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 23.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. raised its stake in shares of McCormick & Company, Incorporated by 103.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 22,138 shares of the company’s stock worth $1,822,000 after buying an additional 11,240 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of McCormick & Company, Incorporated by 33.7% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 78,171 shares of the company’s stock worth $6,433,000 after purchasing an additional 19,692 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of McCormick & Company, Incorporated by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,463,052 shares of the company’s stock valued at $120,409,000 after purchasing an additional 30,696 shares in the last quarter. Raymond James Trust N.A. lifted its position in McCormick & Company, Incorporated by 8.1% during the third quarter. Raymond James Trust N.A. now owns 6,277 shares of the company’s stock worth $517,000 after buying an additional 472 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new position in McCormick & Company, Incorporated during the third quarter worth $534,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Trading Down 0.3 %

The company has a market capitalization of $21.48 billion, a PE ratio of 27.36, a PEG ratio of 3.76 and a beta of 0.71. The company has a fifty day simple moving average of $78.58 and a 200-day simple moving average of $78.87. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.