McCormick & Company, Incorporated (NYSE:MKC) Shares Gap Down After Earnings Miss

McCormick & Company, Incorporated (NYSE:MKC)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. 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 changing hands.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a research note on Friday, January 24th. TD Cowen raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and increased their price target for the company from $86.00 to $90.00 in a research report on Wednesday, January 8th. Jefferies Financial Group raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and increased their price objective for the company from $85.00 to $91.00 in a research report on Monday, December 9th. Finally, Barclays dropped their price objective on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.75.

Insider Activity

In other McCormick & Company, Incorporated news, Director Margaret M. V. Preston sold 28,092 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 6,177 shares of the company’s stock, valued at approximately $475,814.31. This trade represents a 81.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 23.80% of the company’s stock.

Institutional Inflows and Outflows

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

McCormick & Company, Incorporated Stock Performance

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 $21.56 billion, a P/E ratio of 27.44, a P/E/G ratio of 3.76 and a beta of 0.71. The stock has a 50 day moving average of $78.75 and a 200 day moving average of $78.85.

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.