McCormick & Co. (NYSE:MKC) Director Freeman A. Hrabowski III sold 2,000 shares of the business’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 SEC, which is available at this link.
Shares of McCormick & Co. (NYSE:MKC) opened at 94.44 on Monday. The firm’s 50-day moving average is $97.70 and its 200-day moving average is $99.18. The company has a market capitalization of $11.91 billion, a price-to-earnings ratio of 26.07 and a beta of 0.47. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. The firm earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. McCormick & Co.’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 EPS. On average, equities analysts predict that McCormick & Co. will post $3.79 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be given a $0.43 dividend. The ex-dividend date is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.82%. McCormick & Co.’s dividend payout ratio (DPR) is currently 47.51%.
Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in McCormick & Co. by 4.1% in the first quarter. Geode Capital Management LLC now owns 1,031,059 shares of the company’s stock worth $102,379,000 after buying an additional 40,441 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in McCormick & Co. by 47.1% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,057 shares of the company’s stock worth $503,000 after buying an additional 1,620 shares during the period. National Pension Service raised its position in McCormick & Co. by 4.5% in the first quarter. National Pension Service now owns 81,966 shares of the company’s stock worth $8,154,000 after buying an additional 3,527 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new position in McCormick & Co. during the second quarter worth approximately $207,000. Finally, Allegis Investment Advisors LLC raised its position in McCormick & Co. by 11.9% in the second quarter. Allegis Investment Advisors LLC now owns 3,101 shares of the company’s stock worth $319,000 after buying an additional 331 shares during the period. Institutional investors own 72.46% of the company’s stock.
Several equities analysts have recently commented on the stock. Zacks Investment Research cut shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Deutsche Bank AG restated a “buy” rating and issued a $113.00 target price (up from $110.00) on shares of McCormick & Co. in a research report on Sunday, June 26th. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their target price 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. upgraded shares of McCormick & Co. from a “sell” rating to a “neutral” rating and boosted their target price for the company from $85.00 to $102.00 in a research report on Thursday, June 23rd. Finally, Jefferies Group dropped their target price on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, October 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. McCormick & Co. currently has a consensus rating of “Hold” and a consensus target price of $98.99.
About McCormick & Co.
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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