Intrinsic value of McCormick - MKC

Previous Close

$122.07

  Intrinsic Value

$81.24

stock screener

  Rating & Target

sell

-33%

Previous close

$122.07

 
Intrinsic value

$81.24

 
Up/down potential

-33%

 
Rating

sell

We calculate the intrinsic value of MKC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 16.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  5,298
  5,782
  6,287
  6,812
  7,358
  7,926
  8,516
  9,129
  9,766
  10,429
  11,118
  11,834
  12,579
  13,355
  14,164
  15,006
  15,884
  16,800
  17,756
  18,755
  19,797
  20,887
  22,026
  23,217
  24,463
  25,767
  27,132
  28,561
  30,057
  31,625
Variable operating expenses, $m
  4,457
  4,796
  5,148
  5,515
  5,896
  6,293
  6,705
  7,134
  7,579
  8,042
  7,767
  8,267
  8,788
  9,330
  9,895
  10,483
  11,097
  11,737
  12,404
  13,102
  13,830
  14,591
  15,387
  16,219
  17,089
  18,000
  18,954
  19,952
  20,998
  22,093
Fixed operating expenses, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  4,458
  4,797
  5,149
  5,516
  5,897
  6,294
  6,706
  7,135
  7,580
  8,043
  7,768
  8,268
  8,789
  9,331
  9,896
  10,484
  11,098
  11,738
  12,406
  13,104
  13,832
  14,593
  15,389
  16,221
  17,091
  18,002
  18,956
  19,954
  21,000
  22,095
Operating income, $m
  840
  986
  1,138
  1,296
  1,461
  1,632
  1,810
  1,994
  2,186
  2,386
  3,350
  3,566
  3,790
  4,024
  4,268
  4,522
  4,786
  5,062
  5,350
  5,651
  5,966
  6,294
  6,637
  6,996
  7,372
  7,765
  8,176
  8,607
  9,058
  9,530
EBITDA, $m
  2,212
  2,414
  2,624
  2,844
  3,072
  3,309
  3,555
  3,811
  4,077
  4,354
  4,642
  4,941
  5,252
  5,576
  5,914
  6,265
  6,632
  7,015
  7,414
  7,831
  8,266
  8,721
  9,197
  9,694
  10,214
  10,759
  11,329
  11,925
  12,551
  13,205
Interest expense (income), $m
  58
  271
  312
  354
  398
  444
  492
  542
  593
  647
  702
  760
  820
  883
  948
  1,016
  1,086
  1,160
  1,237
  1,317
  1,400
  1,487
  1,578
  1,673
  1,773
  1,877
  1,986
  2,100
  2,219
  2,344
  2,474
Earnings before tax, $m
  568
  674
  783
  898
  1,016
  1,140
  1,268
  1,401
  1,540
  1,684
  2,590
  2,745
  2,907
  3,076
  3,252
  3,435
  3,626
  3,826
  4,034
  4,251
  4,478
  4,716
  4,964
  5,223
  5,495
  5,779
  6,076
  6,388
  6,714
  7,056
Tax expense, $m
  153
  182
  212
  242
  274
  308
  342
  378
  416
  455
  699
  741
  785
  831
  878
  928
  979
  1,033
  1,089
  1,148
  1,209
  1,273
  1,340
  1,410
  1,484
  1,560
  1,641
  1,725
  1,813
  1,905
Net income, $m
  415
  492
  572
  655
  742
  832
  926
  1,023
  1,124
  1,229
  1,890
  2,004
  2,122
  2,246
  2,374
  2,508
  2,647
  2,793
  2,945
  3,103
  3,269
  3,442
  3,623
  3,813
  4,011
  4,219
  4,436
  4,663
  4,901
  5,151

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,394
  12,435
  13,520
  14,650
  15,824
  17,045
  18,314
  19,633
  21,003
  22,428
  23,909
  25,449
  27,052
  28,721
  30,460
  32,271
  34,160
  36,130
  38,186
  40,332
  42,574
  44,918
  47,367
  49,928
  52,608
  55,412
  58,347
  61,421
  64,640
  68,012
Adjusted assets (=assets-cash), $m
  11,394
  12,435
  13,520
  14,650
  15,824
  17,045
  18,314
  19,633
  21,003
  22,428
  23,909
  25,449
  27,052
  28,721
  30,460
  32,271
  34,160
  36,130
  38,186
  40,332
  42,574
  44,918
  47,367
  49,928
  52,608
  55,412
  58,347
  61,421
  64,640
  68,012
Revenue / Adjusted assets
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
Average production assets, $m
  6,156
  6,719
  7,305
  7,916
  8,550
  9,210
  9,896
  10,608
  11,349
  12,118
  12,919
  13,751
  14,617
  15,519
  16,458
  17,437
  18,458
  19,522
  20,633
  21,793
  23,004
  24,270
  25,594
  26,978
  28,426
  29,941
  31,527
  33,187
  34,927
  36,749
Working capital, $m
  170
  185
  201
  218
  235
  254
  273
  292
  313
  334
  356
  379
  403
  427
  453
  480
  508
  538
  568
  600
  634
  668
  705
  743
  783
  825
  868
  914
  962
  1,012
Total debt, $m
  5,780
  6,563
  7,379
  8,229
  9,112
  10,030
  10,985
  11,976
  13,007
  14,078
  15,192
  16,350
  17,556
  18,811
  20,118
  21,480
  22,900
  24,382
  25,928
  27,542
  29,228
  30,990
  32,832
  34,758
  36,773
  38,882
  41,090
  43,401
  45,821
  48,357
Total liabilities, $m
  8,568
  9,351
  10,167
  11,016
  11,900
  12,818
  13,772
  14,764
  15,794
  16,866
  17,979
  19,138
  20,343
  21,598
  22,906
  24,268
  25,688
  27,170
  28,716
  30,330
  32,016
  33,778
  35,620
  37,546
  39,561
  41,670
  43,877
  46,188
  48,609
  51,145
Total equity, $m
  2,826
  3,084
  3,353
  3,633
  3,924
  4,227
  4,542
  4,869
  5,209
  5,562
  5,929
  6,311
  6,709
  7,123
  7,554
  8,003
  8,472
  8,960
  9,470
  10,002
  10,558
  11,140
  11,747
  12,382
  13,047
  13,742
  14,470
  15,232
  16,031
  16,867
Total liabilities and equity, $m
  11,394
  12,435
  13,520
  14,649
  15,824
  17,045
  18,314
  19,633
  21,003
  22,428
  23,908
  25,449
  27,052
  28,721
  30,460
  32,271
  34,160
  36,130
  38,186
  40,332
  42,574
  44,918
  47,367
  49,928
  52,608
  55,412
  58,347
  61,420
  64,640
  68,012
Debt-to-equity ratio
  2.050
  2.130
  2.200
  2.260
  2.320
  2.370
  2.420
  2.460
  2.500
  2.530
  2.560
  2.590
  2.620
  2.640
  2.660
  2.680
  2.700
  2.720
  2.740
  2.750
  2.770
  2.780
  2.790
  2.810
  2.820
  2.830
  2.840
  2.850
  2.860
  2.870
Adjusted equity ratio
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  415
  492
  572
  655
  742
  832
  926
  1,023
  1,124
  1,229
  1,890
  2,004
  2,122
  2,246
  2,374
  2,508
  2,647
  2,793
  2,945
  3,103
  3,269
  3,442
  3,623
  3,813
  4,011
  4,219
  4,436
  4,663
  4,901
  5,151
Depreciation, amort., depletion, $m
  1,372
  1,428
  1,487
  1,548
  1,611
  1,677
  1,746
  1,817
  1,891
  1,968
  1,292
  1,375
  1,462
  1,552
  1,646
  1,744
  1,846
  1,952
  2,063
  2,179
  2,300
  2,427
  2,559
  2,698
  2,843
  2,994
  3,153
  3,319
  3,493
  3,675
Funds from operations, $m
  1,787
  1,920
  2,058
  2,203
  2,353
  2,509
  2,671
  2,840
  3,015
  3,197
  3,182
  3,379
  3,584
  3,797
  4,020
  4,251
  4,493
  4,745
  5,008
  5,283
  5,570
  5,869
  6,183
  6,511
  6,854
  7,213
  7,588
  7,982
  8,394
  8,826
Change in working capital, $m
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
Cash from operations, $m
  1,772
  1,904
  2,042
  2,186
  2,336
  2,491
  2,652
  2,820
  2,995
  3,176
  3,160
  3,356
  3,560
  3,773
  3,994
  4,224
  4,465
  4,716
  4,977
  5,251
  5,536
  5,835
  6,146
  6,473
  6,814
  7,171
  7,545
  7,936
  8,346
  8,776
Maintenance CAPEX, $m
  -562
  -616
  -672
  -731
  -792
  -855
  -921
  -990
  -1,061
  -1,135
  -1,212
  -1,292
  -1,375
  -1,462
  -1,552
  -1,646
  -1,744
  -1,846
  -1,952
  -2,063
  -2,179
  -2,300
  -2,427
  -2,559
  -2,698
  -2,843
  -2,994
  -3,153
  -3,319
  -3,493
New CAPEX, $m
  -538
  -563
  -586
  -610
  -635
  -660
  -686
  -713
  -740
  -770
  -800
  -832
  -866
  -902
  -939
  -979
  -1,020
  -1,064
  -1,111
  -1,160
  -1,212
  -1,266
  -1,323
  -1,384
  -1,448
  -1,515
  -1,586
  -1,661
  -1,739
  -1,822
Cash from investing activities, $m
  -1,100
  -1,179
  -1,258
  -1,341
  -1,427
  -1,515
  -1,607
  -1,703
  -1,801
  -1,905
  -2,012
  -2,124
  -2,241
  -2,364
  -2,491
  -2,625
  -2,764
  -2,910
  -3,063
  -3,223
  -3,391
  -3,566
  -3,750
  -3,943
  -4,146
  -4,358
  -4,580
  -4,814
  -5,058
  -5,315
Free cash flow, $m
  672
  726
  784
  845
  909
  976
  1,046
  1,118
  1,193
  1,271
  1,148
  1,232
  1,319
  1,409
  1,503
  1,600
  1,701
  1,805
  1,914
  2,028
  2,145
  2,268
  2,396
  2,529
  2,668
  2,813
  2,965
  3,123
  3,288
  3,461
Issuance/(repayment) of debt, $m
  753
  783
  816
  849
  883
  918
  954
  992
  1,031
  1,071
  1,114
  1,159
  1,206
  1,255
  1,307
  1,362
  1,420
  1,481
  1,546
  1,614
  1,686
  1,762
  1,842
  1,926
  2,015
  2,109
  2,207
  2,311
  2,421
  2,536
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  753
  783
  816
  849
  883
  918
  954
  992
  1,031
  1,071
  1,114
  1,159
  1,206
  1,255
  1,307
  1,362
  1,420
  1,481
  1,546
  1,614
  1,686
  1,762
  1,842
  1,926
  2,015
  2,109
  2,207
  2,311
  2,421
  2,536
Total cash flow (excl. dividends), $m
  1,425
  1,509
  1,600
  1,695
  1,793
  1,894
  2,000
  2,110
  2,224
  2,342
  2,262
  2,390
  2,524
  2,664
  2,810
  2,962
  3,121
  3,287
  3,460
  3,642
  3,832
  4,030
  4,238
  4,455
  4,683
  4,922
  5,172
  5,434
  5,709
  5,997
Retained Cash Flow (-), $m
  -255
  -258
  -269
  -280
  -291
  -303
  -315
  -327
  -340
  -353
  -367
  -382
  -398
  -414
  -431
  -449
  -468
  -489
  -510
  -532
  -556
  -581
  -607
  -635
  -665
  -695
  -728
  -762
  -798
  -836
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
Cash available for distribution, $m
  1,170
  1,251
  1,331
  1,415
  1,501
  1,592
  1,685
  1,783
  1,884
  1,989
  1,895
  2,008
  2,127
  2,250
  2,379
  2,513
  2,653
  2,798
  2,951
  3,109
  3,275
  3,449
  3,630
  3,820
  4,019
  4,226
  4,444
  4,672
  4,910
  5,160
Discount rate, %
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
  1,075
  1,046
  1,005
  956
  898
  835
  766
  694
  620
  546
  427
  367
  309
  256
  208
  166
  130
  99
  74
  54
  38
  26
  18
  12
  7
  4
  3
  2
  1
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company's segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products. As of November 30, 2016, it offered brands for consumers in approximately 150 countries and territories. The Company's brands in the Americas include McCormick, Lawry's, and Club House, as well as brands, such as Gourmet Garden and OLD BAY. It provides a range of products to food manufacturers and foodservice customers. The Company's sales, distribution and production facilities are located in North America, Europe and China. It markets regional and ethnic brands, such as Zatarain's, Stubb's, Thai Kitchen and Simply Asia. The Company offers sensory testing, culinary research, food safety and flavor application.

FINANCIAL RATIOS  of  McCormick (MKC)

Valuation Ratios
P/E Ratio 32.4
Price to Sales 3.5
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 30.3
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.3%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 64.8%
Total Debt to Equity 88.9%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.2%
Return On Equity 28.6%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 17.1%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 46.2%

MKC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKC stock intrinsic value calculation we used $4834 million for the last fiscal year's total revenue generated by McCormick. The default revenue input number comes from 2017 income statement of McCormick. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MKC stock valuation model: a) initial revenue growth rate of 9.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.9%, whose default value for MKC is calculated based on our internal credit rating of McCormick, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of McCormick.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MKC stock the variable cost ratio is equal to 85.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for MKC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for McCormick.

Corporate tax rate of 27% is the nominal tax rate for McCormick. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MKC stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MKC are equal to 116.2%.

Life of production assets of 10 years is the average useful life of capital assets used in McCormick operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MKC is equal to 3.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2571 million for McCormick - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 131 million for McCormick is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of McCormick at the current share price and the inputted number of shares is $16.0 billion.

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COMPANY NEWS

▶ McCormick's Stock Is Seasoned to Go Higher   [Jul-24-18 09:37AM  TheStreet.com]
▶ Embrace the Volatility Window   [Jul-13-18 02:37PM  Motley Fool]
▶ 6 Stocks to Outperform The Late Bull Market   [Jul-11-18 01:45PM  Investopedia]
▶ Why McCormick Stock Gained 15% in June   [Jul-10-18 10:48AM  Motley Fool]
▶ 33 Super Deals and Discounts for 2018   [Jul-06-18 05:21PM  Kiplinger]
▶ 3 Values in Consumer Staples Stocks   [04:54PM  Kiplinger]
▶ Jim Cramer: Don't Buy Into These Contortions of Negativity   [Jul-05-18 07:01PM  TheStreet.com]
▶ Long-Simmering McCormick Now Habanero Hot   [08:24AM  TheStreet.com]
▶ What 'ketchup wars' means for McCormick   [Jul-04-18 09:01AM  American City Business Journals]
▶ 3 Things McCormick Wants You to Know   [Jul-02-18 08:16PM  Motley Fool]
▶ Company News For Jun 29, 2018   [09:27AM  Zacks]
▶ McCormick Stock Spikes on Strong Q2 Earnings   [12:19PM  InvestorPlace]
▶ McCormick Gets the Job Done in Q2   [12:14PM  Motley Fool]
▶ McCormick: Fiscal 2Q Earnings Snapshot   [06:41AM  Associated Press]
▶ McCormick & Co Q2 Earnings Outlook   [Jun-27-18 02:10PM  Benzinga]
▶ McCormick Declares $0.52 Quarterly Dividend   [Jun-26-18 05:01PM  PR Newswire]
▶ How to Find the Best Dividend Stocks   [Jun-24-18 12:30PM  Motley Fool]
▶ 5 Consumer Staples Stocks to Buy for Long-Term Gains   [Jun-13-18 02:15PM  InvestorPlace]
▶ 4 Food Stocks Ready for Growth as Tastes Change   [Jun-11-18 02:25PM  InvestorPlace]
▶ Hogan takes his campaign to annual 'State of Business' luncheon   [Jun-05-18 02:55PM  American City Business Journals]
▶ Maryland Commerce Department's Preakness guest list includes Amazon, Marriott execs   [May-21-18 02:44PM  American City Business Journals]
▶ Premier Foods says UK market proving resilient   [May-15-18 07:42AM  Reuters]
▶ Remembering Kevin Kamenetz: How he helped keep McCormick in Maryland   [May-11-18 09:29AM  American City Business Journals]
▶ McCormick Honors 2018 Unsung Heroes   [May-08-18 12:56PM  PR Newswire]
▶ McCormick Makes 2018 DiversityInc Top 50 List   [May-02-18 09:15AM  PR Newswire]
▶ 3 Things McCormick's Management Wants You to Know   [Apr-11-18 10:35PM  Motley Fool]
▶ Where (and How) to Find 'Dividend Aristocrats'   [Apr-07-18 01:58PM  TheStreet.com]
▶ Trump's Fights With China and Amazon.com Heat Up   [Apr-05-18 05:48PM  Motley Fool]
▶ Frank's RedHot: McCormick CEO puts that **** on everything   [02:10PM  American City Business Journals]
▶ [$$] Dollar may face two ways as Fed and trade fears hit FX   [Apr-04-18 09:02PM  Financial Times]
▶ 5 Standout Numbers From McCormick's Q1 Earnings Report   [Apr-02-18 03:15PM  Motley Fool]
▶ McCormick Declares $0.52 Quarterly Dividend   [Mar-28-18 04:33PM  PR Newswire]
▶ McCormick CEO talks growth, new HQ ... and blockchain?   [03:03PM  American City Business Journals]
▶ Company News For Mar 28, 2018   [10:18AM  Zacks]
▶ 3 Dividend Stocks Ideal for Retirees   [04:22PM  Motley Fool]
▶ Why McCormick's CEO wants to spice up his $4.8B company's narrative   [02:29PM  American City Business Journals]
▶ Markets Keen to Keep Rallying   [10:22AM  Zacks]
▶ McCormick earnings rise, plans tax reform bonuses and wage increases   [09:46AM  American City Business Journals]
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