McCormick & Co. (MKC) Given Consensus Rating of “Hold” by Analysts
Shares of McCormick & Co. (NYSE:MKC) have earned a consensus recommendation of “Hold” from the nine analysts that are covering the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $96.41.
MKC has been the subject of several recent research reports. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced 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. 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. Deutsche Bank AG reduced their target price on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a report on Friday, September 23rd. Finally, Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 target price for the company in a report on Thursday, August 18th.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the completion of the sale, the chief financial officer now owns 94,012 shares in the company, valued at approximately $9,887,242.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 13.70% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. 1832 Asset Management L.P. bought a new stake in McCormick & Co. during the first quarter worth about $2,393,000. Canada Pension Plan Investment Board raised its position in McCormick & Co. by 184.2% in the first quarter. Canada Pension Plan Investment Board now owns 63,741 shares of the company’s stock worth $6,341,000 after buying an additional 41,311 shares in the last quarter. Credit Agricole S A raised its position in McCormick & Co. by 5.1% in the first quarter. Credit Agricole S A now owns 142,333 shares of the company’s stock worth $14,159,000 after buying an additional 6,860 shares in the last quarter. Alpine Partners VI LLC acquired a new position in McCormick & Co. during the first quarter worth approximately $523,000. Finally, 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 in the last quarter. Institutional investors own 72.47% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded down 1.38% on Tuesday, hitting $94.00. 347,104 shares of the stock traded hands. The firm’s 50 day moving average is $98.58 and its 200 day moving average is $99.31. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 25.95 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings data on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm’s revenue was up 2.9% on a year-over-year basis. Equities analysts anticipate that McCormick & Co. will post $3.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio is currently 47.51%.
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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