Several other research analysts have also weighed in on MKC. Zacks Investment Research lowered McCormick & Co. from a buy rating to a hold rating in a research report on Tuesday, June 21st. Citigroup Inc. upgraded McCormick & Co. from a sell rating to a neutral rating and upped their price target for the stock from $85.00 to $102.00 in a research note on Thursday, June 23rd. Finally, Sanford C. Bernstein downgraded McCormick & Co. from an outperform rating to a market perform rating and decreased their price target for the stock from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $97.11.
Shares of McCormick & Co. (NYSE:MKC) opened at 97.77 on Friday. The firm has a market capitalization of $12.38 billion, a P/E ratio of 28.99 and a beta of 0.48. McCormick & Co. has a one year low of $77.65 and a one year high of $107.84. The company’s 50 day moving average price is $99.67 and its 200 day moving average price is $99.17.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Thursday, June 30th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The company had revenue of $1.06 billion for the quarter. During the same period in the previous year, the company earned $0.75 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts expect that McCormick & Co. will post $3.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.76%. McCormick & Co.’s payout ratio is 50.89%.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the sale, the chief financial officer now owns 94,012 shares in the company, valued at approximately $9,887,242.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patricia A. Little sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total value of $402,075.00. Following the completion of the sale, the director now owns 13,227 shares of the company’s stock, valued at approximately $1,418,198.94. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its stake in shares of McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock worth $111,000 after buying an additional 237 shares in the last quarter. Coconut Grove Bank increased its stake in shares of McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares in the last quarter. Mizuho Asset Management Co. Ltd. increased its stake in shares of McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock worth $142,000 after buying an additional 632 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in shares of McCormick & Co. during the second quarter worth approximately $207,000. Institutional investors own 72.48% of the company’s stock.
McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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