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

McCormick & Company, Incorporated (NYSE:MKC) gapped down prior to trading on Tuesday following a dissappointing 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 traded.

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

Analyst Ratings Changes

Several brokerages recently issued reports on MKC. Barclays decreased 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 research note on Monday, January 27th. TD Cowen upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their target price for the company from $86.00 to $90.00 in a report on Wednesday, January 8th. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $91.00 in a research report on Monday, December 9th. Finally, JPMorgan Chase & Co. lifted their price objective on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the company an “underweight” rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $83.75.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Margaret M. V. Preston sold 28,092 shares of the 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 sale, the director now directly owns 6,177 shares of the company’s stock, valued at $475,814.31. This represents a 81.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 23.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Advisors Asset Management Inc. grew its position in shares of McCormick & Company, Incorporated by 103.1% during the third quarter. Advisors Asset Management Inc. now owns 22,138 shares of the company’s stock worth $1,822,000 after purchasing an additional 11,240 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in McCormick & Company, Incorporated by 33.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 78,171 shares of the company’s stock valued at $6,433,000 after purchasing an additional 19,692 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in McCormick & Company, Incorporated by 2.1% during 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 during the last quarter. Raymond James Trust N.A. grew its stake in shares of McCormick & Company, Incorporated by 8.1% in the 3rd 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 purchased a new position in shares of McCormick & Company, Incorporated in the 3rd quarter worth $534,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

The business’s fifty day moving average price is $78.58 and its two-hundred day moving average price is $78.87. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.31 and a current ratio of 0.74. The stock has a market capitalization of $21.48 billion, a P/E ratio of 27.36, a P/E/G ratio of 3.76 and a beta of 0.71.

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.