Analysts Set McCormick & Co. (MKC) Price Target at $99.48
Shares of McCormick & Co. (NYSE:MKC) have received an average rating of “Hold” from the nine ratings firms that are presently covering the firm. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $99.48.
Several research firms have recently weighed in on MKC. Zacks Investment Research cut shares of McCormick & Co. from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their price target 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. Deutsche Bank AG decreased 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. Jefferies Group decreased their price target on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday, October 12th. Finally, Credit Suisse Group AG raised shares of McCormick & Co. from a “neutral” rating to an “outperform” rating and set a $111.00 price target on the stock in a report on Tuesday, October 25th.
McCormick & Co. (NYSE:MKC) opened at 91.20 on Tuesday. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The company’s 50-day moving average price is $95.17 and its 200 day moving average price is $98.79. The company has a market capitalization of $11.50 billion, a price-to-earnings ratio of 25.18 and a beta of 0.50.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.09. The firm 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. Analysts forecast that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.89%. McCormick & Co.’s payout ratio is 47.51%.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 38,442 shares in the company, valued at $3,619,314.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 13.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. BB&T Corp raised its stake in McCormick & Co. by 580.0% in the second quarter. BB&T Corp now owns 169,660 shares of the company’s stock worth $18,098,000 after buying an additional 144,709 shares in the last quarter. LMR Partners LLP raised its stake in McCormick & Co. by 10.2% in the third quarter. LMR Partners LLP now owns 3,873 shares of the company’s stock worth $387,000 after buying an additional 358 shares in the last quarter. 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 worth $8,154,000 after buying an additional 3,527 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in McCormick & Co. during the second quarter worth $207,000. Finally, Allegis Investment Advisors LLC raised its stake 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 in the last quarter. Institutional investors own 73.47% of the company’s stock.
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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