McCormick & Co. (NYSE:MKC) declared a quarterly dividend on Tuesday, September 27th. Investors of record on Tuesday, October 11th will be paid a dividend of 0.43 per share on Tuesday, October 25th. This represents a $1.72 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, October 6th.
McCormick & Co. (NYSE:MKC) opened at 96.47 on Wednesday. The company has a market cap of $12.19 billion, a PE ratio of 26.63 and a beta of 0.47. 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 $99.23 and a 200-day moving average of $99.30.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. The company earned $1.09 billion during the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 earnings per share. On average, equities analysts expect that McCormick & Co. will post $3.77 EPS for the current year.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction dated 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 transaction, the chief financial officer now owns 94,012 shares in the company, valued at $9,887,242.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.70% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Janus Capital Management LLC raised its position in McCormick & Co. by 16.4% in the second quarter. Janus Capital Management LLC now owns 1,581,927 shares of the company’s stock valued at $168,744,000 after buying an additional 222,568 shares during the period. BlackRock Fund Advisors raised its stake in shares of McCormick & Co. by 6.2% in the second quarter. BlackRock Fund Advisors now owns 3,037,792 shares of the company’s stock worth $324,041,000 after buying an additional 177,417 shares during the last quarter. Credit Suisse AG raised its stake in shares of McCormick & Co. by 28.6% in the second quarter. Credit Suisse AG now owns 623,799 shares of the company’s stock worth $66,542,000 after buying an additional 138,756 shares during the last quarter. BlackRock Group LTD raised its stake in shares of McCormick & Co. by 8.9% in the second quarter. BlackRock Group LTD now owns 1,616,816 shares of the company’s stock worth $172,465,000 after buying an additional 132,291 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of McCormick & Co. by 145.5% in the second quarter. Lord Abbett & CO. LLC now owns 163,838 shares of the company’s stock worth $17,477,000 after buying an additional 97,109 shares during the last quarter. Institutional investors own 72.48% of the company’s stock.
Several research firms have recently weighed in on MKC. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a research report on Friday, July 8th. Citigroup Inc. reiterated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. Deutsche Bank AG lifted their target price on McCormick & Co. from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Saturday, July 2nd. Finally, Sanford C. Bernstein downgraded McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $97.11.
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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