McCormick & Co. (NYSE:MKC) had its price objective decreased by research analysts at Jefferies Group from $100.00 to $95.00 in a research note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the stock. Jefferies Group’s target price points to a potential upside of 0.41% from the stock’s previous close.
MKC has been the topic of several other reports. Zacks Investment Research lowered shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price objective (up from $105.00) on shares of McCormick & Co. in a research report on Friday, June 24th. Citigroup Inc. reiterated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. Finally, Sanford C. Bernstein lowered shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their price objective 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. McCormick & Co. has an average rating of “Hold” and a consensus price target of $98.99.
Shares of McCormick & Co. (NYSE:MKC) opened at 94.61 on Wednesday. The company’s 50-day moving average is $97.91 and its 200 day moving average is $99.20. The firm has a market capitalization of $11.93 billion, a PE ratio of 26.12 and a beta of 0.47. McCormick & Co. has a 52-week low of $78.45 and a 52-week high of $107.84.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the 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 business had revenue of $1.09 billion for the quarter. During the same quarter in the prior year, the firm earned $0.85 earnings per share. McCormick & Co.’s quarterly revenue was up 2.9% on a year-over-year basis. Equities analysts expect that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
The company 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 $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 1.82%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s payout ratio is 47.51%.
In related news, Director Freeman A. Hrabowski III sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total value of $188,300.00. Following the completion of the transaction, the director now owns 38,442 shares of the company’s stock, valued at approximately $3,619,314.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 13.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gulf International Bank UK Ltd increased its position in McCormick & Co. by 3.0% in the third quarter. Gulf International Bank UK Ltd now owns 34,457 shares of the company’s stock worth $3,442,000 after buying an additional 1,000 shares in the last quarter. Capstone Asset Management Co. increased its position in McCormick & Co. by 12.1% in the third quarter. Capstone Asset Management Co. now owns 31,405 shares of the company’s stock worth $3,138,000 after buying an additional 3,380 shares in the last quarter. Fox Run Management L.L.C. bought a new position in McCormick & Co. during the third quarter worth approximately $510,000. Creative Planning increased its position in McCormick & Co. by 8.2% in the third quarter. Creative Planning now owns 18,054 shares of the company’s stock worth $1,804,000 after buying an additional 1,370 shares in the last quarter. Finally, Reilly Herbert Faulkner III increased its position in McCormick & Co. by 2.2% in the third quarter. Reilly Herbert Faulkner III now owns 47,140 shares of the company’s stock worth $4,710,000 after buying an additional 1,012 shares in the last quarter. 72.47% 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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