McCormick & Co. (MKC) Declares Quarterly Dividend of $0.47
McCormick & Co. (NYSE:MKC) announced a quarterly dividend on Tuesday, November 29th. Investors of record on Friday, December 30th will be given a dividend of 0.47 per share on Tuesday, January 17th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.02%. This is a positive change from McCormick & Co.’s previous quarterly dividend of $0.43.
McCormick & Co. (NYSE:MKC) traded up 0.81% during midday trading on Tuesday, hitting $93.13. 551,432 shares of the company were exchanged. The stock has a 50 day moving average of $93.68 and a 200 day moving average of $98.63. The firm has a market capitalization of $11.74 billion, a PE ratio of 25.71 and a beta of 0.50. McCormick & Co. has a 1-year low of $78.45 and a 1-year high of $107.84.
McCormick & Co. (NYSE:MKC) last announced its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. The business 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%. McCormick & Co.’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the business earned $0.85 EPS. On average, equities analysts predict that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
In related news, Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. 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 transaction, the director now directly 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 SEC, which is available at this hyperlink. Corporate insiders own 13.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC boosted its position in shares of McCormick & Co. by 6.2% in the third quarter. LPL Financial LLC now owns 12,138 shares of the company’s stock valued at $1,171,000 after buying an additional 707 shares during the period. Verition Fund Management LLC purchased a new position in shares of McCormick & Co. during the third quarter valued at about $591,000. Eaton Vance Management boosted its position in shares of McCormick & Co. by 1.6% in the third quarter. Eaton Vance Management now owns 48,884 shares of the company’s stock valued at $4,884,000 after buying an additional 755 shares during the period. Clinton Group Inc. purchased a new position in shares of McCormick & Co. during the third quarter valued at about $392,000. Finally, Two Sigma Advisers LP purchased a new position in shares of McCormick & Co. during the third quarter valued at about $1,079,000. 72.26% of the stock is owned by institutional investors and hedge funds.
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A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of McCormick & Co. from a “buy” rating to a “hold” rating in a report on Monday. Credit Suisse Group AG raised shares of McCormick & Co. from a “neutral” rating to an “outperform” rating and set a $111.00 target price on the stock in a research note on Tuesday, October 25th. Deutsche Bank AG cut their target price on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, September 23rd. Sanford C. Bernstein lowered shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and cut their target price for the company from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. Finally, Jefferies Group cut their target price on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating on the stock in a research note on Wednesday, October 12th. One 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’s stock. McCormick & Co. has a consensus rating of “Hold” and an average target price of $100.11.
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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