McCormick & Co. (NYSE:MKC) Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total transaction of $188,300.00. Following the sale, the director now owns 38,442 shares of the company’s stock, valued at $3,619,314.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
McCormick & Co. (NYSE:MKC) opened at 94.33 on Tuesday. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The company has a 50-day moving average of $97.50 and a 200-day moving average of $99.14. The stock has a market cap of $11.89 billion, a P/E ratio of 26.04 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company earned $1.09 billion during the quarter. During the same period in the prior year, the company earned $0.85 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio is currently 47.51%.
MKC has been the subject of a number of recent analyst reports. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Citigroup Inc. raised shares of McCormick & Co. from a “sell” rating to a “neutral” rating and raised their price objective for the company from $85.00 to $102.00 in a research note on Thursday, June 23rd. Deutsche Bank AG lowered their price objective on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, September 23rd. Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 price objective for the company in a research note on Thursday, August 18th. Finally, Jefferies Group lowered their price objective on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, October 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $98.99.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp increased its position in 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 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 during the period. Washington Trust Bank increased its stake in McCormick & Co. by 986.4% in the third quarter. Washington Trust Bank now owns 1,358 shares of the company’s stock worth $136,000 after buying an additional 1,233 shares during the period. Mizuho Asset Management Co. Ltd. increased its stake in 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 during the period. Finally, Meeder Asset Management Inc. increased its stake in 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 during the period. 72.46% of the stock is owned by institutional investors.
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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