McCormick & Company, Incorporated (NYSE:MKC) Expected to Announce Quarterly Sales of $1.14 Billion

Wall Street brokerages expect that McCormick & Company, Incorporated (NYSE:MKC) will report sales of $1.14 billion for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for McCormick & Company,’s earnings, with estimates ranging from $1.11 billion to $1.16 billion. McCormick & Company, posted sales of $1.09 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.6%. The firm is scheduled to report its next quarterly earnings report on Friday, September 29th.

On average, analysts expect that McCormick & Company, will report full-year sales of $1.14 billion for the current year, with estimates ranging from $4.54 billion to $4.64 billion. For the next fiscal year, analysts expect that the company will post sales of $4.75 billion per share, with estimates ranging from $4.66 billion to $4.81 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for McCormick & Company,.

McCormick & Company, (NYSE:MKC) last released its earnings results on Thursday, June 29th. The company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.06. McCormick & Company, had a return on equity of 28.28% and a net margin of 10.69%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis.

MKC has been the topic of several recent analyst reports. Zacks Investment Research lowered McCormick & Company, from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Edward Jones raised McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 target price on shares of McCormick & Company, in a research report on Friday, May 19th. Goldman Sachs Group, Inc. (The) initiated coverage on McCormick & Company, in a research report on Friday, June 16th. They set a “neutral” rating and a $101.00 target price on the stock. Finally, BidaskClub lowered McCormick & Company, from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. McCormick & Company, has a consensus rating of “Hold” and a consensus price target of $104.00.

A number of hedge funds have recently bought and sold shares of the stock. FNY Managed Accounts LLC purchased a new stake in McCormick & Company, during the first quarter valued at $135,000. Harfst & Associates Inc. purchased a new stake in McCormick & Company, during the first quarter valued at $139,000. Van ECK Associates Corp increased its stake in McCormick & Company, by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock valued at $165,000 after buying an additional 109 shares during the last quarter. IFP Advisors Inc increased its stake in McCormick & Company, by 28.4% in the second quarter. IFP Advisors Inc now owns 1,784 shares of the company’s stock valued at $174,000 after buying an additional 395 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in McCormick & Company, by 3.4% in the first quarter. Pacer Advisors Inc. now owns 1,995 shares of the company’s stock valued at $195,000 after buying an additional 66 shares during the last quarter. Institutional investors and hedge funds own 73.91% of the company’s stock.

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Shares of McCormick & Company, (NYSE:MKC) opened at 93.01 on Wednesday. The stock has a market capitalization of $11.59 billion, a PE ratio of 24.70 and a beta of 0.52. McCormick & Company, has a 52-week low of $88.64 and a 52-week high of $106.50. The company’s 50 day moving average price is $96.77 and its 200 day moving average price is $98.92.

The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 10th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $1.88 annualized dividend and a yield of 2.02%. McCormick & Company,’s payout ratio is presently 49.87%.

McCormick & Company, Company Profile

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

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Earnings History and Estimates for McCormick & Company, (NYSE:MKC)

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