McCormick & Co. (MKC) Director Sells $188,300.00 in Stock
McCormick & Co. (NYSE:MKC) Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $94.15, for a total transaction of $188,300.00. Following the transaction, the director now owns 38,442 shares in the company, valued at $3,619,314.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of McCormick & Co. (NYSE:MKC) opened at 94.61 on Friday. McCormick & Co. has a one year low of $78.45 and a one year high of $107.84. The company has a 50-day moving average of $97.91 and a 200-day moving average of $99.20. The company has a market capitalization of $11.93 billion, a PE ratio of 26.12 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 Thomson Reuters’ consensus estimate of $0.94 by $0.09. The company had revenue of $1.09 billion for the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.85 earnings per share. On average, analysts anticipate that McCormick & Co. will post $3.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a $0.43 dividend. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.82%. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
Large investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake 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 valued at $102,379,000 after buying an additional 40,441 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake 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 valued at $503,000 after buying an additional 1,620 shares during the period. National Pension Service raised its stake in McCormick & Co. by 4.5% in the first quarter. National Pension Service now owns 81,966 shares of the company’s stock valued at $8,154,000 after buying an additional 3,527 shares during the period. Ferguson Wellman Capital Management Inc. bought a new stake in shares of McCormick & Co. during the second quarter worth approximately $207,000. Finally, Allegis Investment Advisors LLC raised its stake in shares of 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 last quarter. Institutional investors own 72.47% of the company’s stock.
Several research firms have weighed in on MKC. Jefferies Group lowered their price objective on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday. Deutsche Bank AG lowered their price target on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, September 23rd. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price target on the stock in a report on Thursday, September 15th. Finally, Citigroup Inc. restated a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average 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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