Brokerages Anticipate MCCORMICK & CO /SH NV (NYSE:MKC) Will Announce Quarterly Sales of $1.34 Billion

Wall Street brokerages expect MCCORMICK & CO /SH NV (NYSE:MKC) to announce sales of $1.34 billion for the current quarter, Zacks reports. Two analysts have issued estimates for MCCORMICK & CO /SH’s earnings. The highest sales estimate is $1.35 billion and the lowest is $1.33 billion. MCCORMICK & CO /SH posted sales of $1.35 billion in the same quarter last year, which suggests a negative year over year growth rate of 0.7%. The company is scheduled to report its next quarterly earnings results on Thursday, September 26th.

According to Zacks, analysts expect that MCCORMICK & CO /SH will report full year sales of $5.37 billion for the current fiscal year, with estimates ranging from $5.35 billion to $5.39 billion. For the next financial year, analysts anticipate that the business will post sales of $5.51 billion, with estimates ranging from $5.45 billion to $5.57 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow MCCORMICK & CO /SH.

MCCORMICK & CO /SH (NYSE:MKC) last released its quarterly earnings results on Thursday, June 27th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.07. MCCORMICK & CO /SH had a net margin of 12.73% and a return on equity of 21.42%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the firm earned $1.02 earnings per share. The firm’s revenue was up .0% on a year-over-year basis.

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered shares of MCCORMICK & CO /SH from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $154.00 to $150.00 in a research report on Tuesday, August 20th. Citigroup lifted their price objective on shares of MCCORMICK & CO /SH from $155.00 to $166.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. UBS Group set a $155.00 price objective on shares of MCCORMICK & CO /SH and gave the stock a “hold” rating in a research report on Friday, June 28th. Zacks Investment Research raised shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating and set a $161.00 price objective on the stock in a research report on Thursday, May 30th. Finally, Deutsche Bank set a $142.00 price objective on shares of MCCORMICK & CO /SH and gave the stock a “hold” rating in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $142.89.

Shares of MKC traded down $0.69 during trading hours on Tuesday, reaching $157.12. 389,422 shares of the stock traded hands, compared to its average volume of 787,766. The company has a current ratio of 0.79, a quick ratio of 0.35 and a debt-to-equity ratio of 1.18. The stock has a fifty day simple moving average of $162.52 and a 200 day simple moving average of $154.42. MCCORMICK & CO /SH has a 52 week low of $119.00 and a 52 week high of $171.10. The company has a market cap of $20.91 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 3.73 and a beta of 0.16.

In other MCCORMICK & CO /SH news, Director Jacques Tapiero sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $169.21, for a total value of $423,025.00. Following the completion of the transaction, the director now owns 10,868 shares of the company’s stock, valued at approximately $1,838,974.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Nneka Louise Rimmer sold 2,070 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $154.02, for a total transaction of $318,821.40. Following the completion of the transaction, the vice president now directly owns 6,209 shares of the company’s stock, valued at approximately $956,310.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,272 shares of company stock valued at $7,197,181. 11.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Krane Funds Advisors LLC bought a new stake in shares of MCCORMICK & CO /SH in the 2nd quarter worth approximately $26,000. Private Ocean LLC bought a new stake in shares of MCCORMICK & CO /SH in the 1st quarter worth approximately $27,000. Glassman Wealth Services lifted its holdings in shares of MCCORMICK & CO /SH by 43.7% in the 1st quarter. Glassman Wealth Services now owns 240 shares of the company’s stock worth $36,000 after acquiring an additional 73 shares during the last quarter. Capital Investment Advisory Services LLC lifted its holdings in shares of MCCORMICK & CO /SH by 40.0% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 245 shares of the company’s stock worth $39,000 after acquiring an additional 70 shares during the last quarter. Finally, Ascent Wealth Partners LLC bought a new stake in shares of MCCORMICK & CO /SH in the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 80.19% of the company’s stock.

MCCORMICK & CO /SH Company Profile

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

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Earnings History and Estimates for MCCORMICK & CO /SH (NYSE:MKC)

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