The firm’s dependence on sales from restaurants and foodservice customers such as school cafeterias are a good reason why its year-to-date return remains negative.
The stock trades at just 14.4 times the company’s 2021 earnings forecast.
MCCORMICK & CO. INC. (New York symbol MKC; www.mccormick.com) is a spice and seasonings maker which fell and quickly rebounded as the pandemic forced more consumers to eat at home. The sharp rise in meals at home spurred strong demand for McCormick’s spices, seasonings and flavours.
However, the company gets about 40% of its sales from restaurants and foodservice customers such as school cafeterias.
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While many restaurants have re-opened their dining areas, it’s likely customer traffic will remain depressed for the next few months. McCormick’s exposure to China (the Asia/Pacific region supplies 12% of its sales) is another risk factor, particularly as that country experiences another wave of COVID-19 outbreaks.
Growth Stocks: An acquisition adds risk and outlook remains uncertain
The company also recently paid $800 million for the parent company of Cholula Hot Sauce. The purchase should add $96 million to McCormick’s annual sales of $5.6 billion. The company has a long history of using acquisitions to fuel its growth, which adds risk.
McCormick last raised your quarterly dividend by 8.8% with the January 2020 payment. Investors now receive $0.62 a share instead of $0.57 and the new annual rate of $1.36 yields 1.7%.
Meanwhile, the stock is inexpensive at 14.4 times its projected fiscal 2020 earnings of $5.60 a share.
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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