McCormick & Co. (NYSE:MKC) had its target price cut by Jefferies Group from $100.00 to $95.00 in a research note issued to investors on Wednesday morning. They currently have a hold rating on the stock.
A number of other research firms have also weighed in on MKC. Citigroup Inc. upgraded shares of McCormick & Co. from a sell rating to a neutral rating and increased their target price for the stock from $85.00 to $102.00 in a report on Thursday, June 23rd. Zacks Investment Research lowered shares of McCormick & Co. from a buy rating to a hold rating in a report on Wednesday, September 14th. Sanford C. Bernstein lowered shares of McCormick & Co. from an outperform rating to a market perform rating and dropped their target price for the stock from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. Finally, Deutsche Bank AG reiterated a buy rating and set a $113.00 target price (up from $110.00) on shares of McCormick & Co. in a report on Sunday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $98.99.
McCormick & Co. (NYSE:MKC) opened at 94.33 on Wednesday. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The stock has a 50 day moving average price of $97.50 and a 200-day moving average price 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 earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.09. The company earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.85 earnings per share. On average, equities analysts anticipate that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders 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 47.51%.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total transaction of $188,300.00. Following the completion of the transaction, the director now owns 38,442 shares of the company’s stock, valued at $3,619,314.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 13.70% of the company’s stock.
Large investors have recently made changes to their positions in the stock. 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 valued at $122,000 after buying an additional 12 shares during the period. Synovus Financial Corp increased its stake in shares of McCormick & Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,356 shares of the company’s stock valued at $250,000 after buying an additional 15 shares during the period. HM Capital Management LLC increased its stake in shares of McCormick & Co. by 0.5% in the second quarter. HM Capital Management LLC now owns 3,641 shares of the company’s stock valued at $388,000 after buying an additional 17 shares during the period. Mission Wealth Management LLC increased its stake in shares of McCormick & Co. by 1.0% in the second quarter. Mission Wealth Management LLC now owns 2,342 shares of the company’s stock valued at $250,000 after buying an additional 24 shares during the period. Finally, Pennsylvania Trust Co increased its stake in shares of McCormick & Co. by 1.0% in the third quarter. Pennsylvania Trust Co now owns 4,846 shares of the company’s stock valued at $484,000 after buying an additional 46 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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