McCormick & Company, Incorporated (NYSE:MKC) Shares Gap Down Following Weak Earnings

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) shares gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. 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 trading hands.

The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm posted $0.63 EPS. The firm's revenue for the quarter was up .2% on a year-over-year basis.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.21%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is currently 61.86%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MKC shares. Argus downgraded McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Thursday. Jefferies Financial Group raised McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and boosted their price target for the company from $85.00 to $91.00 in a research note on Monday, December 9th. JPMorgan Chase & Co. increased their price target on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an "underweight" rating in a report on Friday, January 24th. Barclays lowered their price objective on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an "equal weight" rating for the company in a research note on Monday, January 27th. Finally, TD Cowen raised 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 research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $83.75.

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Insider Activity at McCormick & Company, Incorporated

In other news, Director Margaret M. V. Preston sold 28,092 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $77.03, for a total transaction 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. This trade represents a 81.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.80% of the stock is currently owned by insiders.

Institutional Trading of McCormick & Company, Incorporated

Several institutional investors and hedge funds have recently modified their holdings of MKC. Curio Wealth LLC purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $30,000. Ameriflex Group Inc. purchased a new position in McCormick & Company, Incorporated during the 4th quarter worth $33,000. Twin Tree Management LP purchased a new stake in shares of McCormick & Company, Incorporated in the fourth quarter valued at about $33,000. Albion Financial Group UT bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at about $33,000. Finally, Lee Danner & Bass Inc. purchased a new position in McCormick & Company, Incorporated during the fourth quarter worth about $37,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 0.2 %

The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $21.85 billion, a P/E ratio of 27.80, a P/E/G ratio of 3.76 and a beta of 0.71. The stock's 50-day simple moving average is $79.26 and its 200-day simple moving average is $78.87.

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.