McCormick’s stock rose
Prior to the opening bell on March 29, McCormick & Company (MKC) reported its earnings for the first quarter of fiscal 2016, which ended February 29, 2016. The stock rose by 2% to close at $99.59 as compared to $97.36 in the previous day’s trading session. The stock reacted well to a strong start to fiscal 2016 with a positive outlook for fiscal 2016. The stock closed at $99.75 on March 30.
McCormick’s stock has risen 17% since its last earnings release on January 28. The stock rose 4% after McCormick reported its fiscal 4Q15 earnings due to the company beating earnings and revenue estimates. For fiscal 2015, earnings and revenue grew by 3% and 1%, respectively.
The stock has risen ~17% so far in 2016 as of March 30 after rising 16% in 2015. McCormick has outperformed the Market, as represented by the S&P 500 Index, by ~16%.
Peers’ stock performances
So far in 2016, McCormick’s peer Pinnacle Foods (PF) has returned ~5%. ConAgra Foods (CAG) has returned ~7%, while J.M. Smucker (SJM) has returned 5.5%. PF, CAG, and SJM closed March 30’s trade at $43.50, $43.31, and $128.70, respectively. The Guggenheim S&P 500 Equal Weight Consumer Staples ETF (RHS) invests 2.5% of its portfolio in MKC. It also invests 2.7% of its holdings in CAG.