MCCORMICK & CO /SH (NYSE:MKC) Issues FY19 Earnings Guidance

MCCORMICK & CO /SH (NYSE:MKC) updated its FY19 earnings guidance on Thursday. The company provided EPS guidance of $5.20-5.30 for the period, compared to the Thomson Reuters consensus EPS estimate of $5.26. The company issued revenue guidance of +1-3% to ~$5.46-5.57 billion, compared to the consensus revenue estimate of $5.42 billion.MCCORMICK & CO /SH also updated its FY 2019 guidance to $5.20-5.30 EPS.

A number of equities research analysts have weighed in on the company. UBS Group set a $155.00 target price on MCCORMICK & CO /SH and gave the stock a hold rating in a research report on Friday. Deutsche Bank set a $142.00 target price on MCCORMICK & CO /SH and gave the stock a hold rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on MCCORMICK & CO /SH from $143.00 to $148.00 and gave the stock a neutral rating in a research report on Friday. Citigroup upped their target price on MCCORMICK & CO /SH from $155.00 to $166.00 and gave the stock a neutral rating in a research report on Friday. Finally, Zacks Investment Research upgraded MCCORMICK & CO /SH from a sell rating to a hold rating and set a $161.00 target price for the company in a research report on Thursday, May 30th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $142.67.

MKC opened at $155.01 on Friday. The firm has a market capitalization of $20.58 billion, a P/E ratio of 31.19, a price-to-earnings-growth ratio of 3.70 and a beta of 0.24. MCCORMICK & CO /SH has a 1-year low of $113.89 and a 1-year high of $159.57. The business has a 50 day moving average price of $155.47. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.78 and a quick ratio of 0.34.

MCCORMICK & CO /SH (NYSE:MKC) last posted its quarterly earnings results on Thursday, June 27th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.07. The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.31 billion. MCCORMICK & CO /SH had a return on equity of 21.71% and a net margin of 12.73%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, research analysts predict that MCCORMICK & CO /SH will post 5.27 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be issued a $0.57 dividend. The ex-dividend date is Friday, July 5th. This represents a $2.28 annualized dividend and a dividend yield of 1.47%. MCCORMICK & CO /SH’s dividend payout ratio is currently 45.88%.

In other MCCORMICK & CO /SH news, Director Margaret M. V. Preston sold 3,865 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $154.31, for a total value of $596,408.15. Following the transaction, the director now owns 30,674 shares of the company’s stock, valued at $4,733,304.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Alan D. Wilson sold 94,400 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $151.47, for a total value of $14,298,768.00. Following the completion of the transaction, the insider now directly owns 206,553 shares in the company, valued at approximately $31,286,582.91. The disclosure for this sale can be found here. Insiders sold 109,465 shares of company stock worth $16,624,484 in the last ninety days. 11.00% of the stock is owned by corporate insiders.

About MCCORMICK & CO /SH

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.

Further Reading: Outstanding Shares

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

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