McCormick & Co. (MKC) Price Target Cut to $90.00 by Analysts at Jefferies Group
McCormick & Co. (NYSE:MKC) had its price objective dropped by analysts at Jefferies Group from $95.00 to $90.00 in a research report issued on Wednesday. The brokerage presently has a “hold” rating on the stock. Jefferies Group’s price objective indicates a potential downside of 1.32% from the stock’s current price.
A number of other analysts have also recently commented on the company. Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and cut their price objective 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. Deutsche Bank AG cut their price objective on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, September 23rd. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 price objective for the company in a research report on Thursday, August 18th. Finally, Credit Suisse Group AG upgraded McCormick & Co. from a “neutral” rating to an “outperform” rating and set a $111.00 price target for the company in a research report on Tuesday, October 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $99.49.
Shares of McCormick & Co. (NYSE:MKC) traded down 2.07% during mid-day trading on Wednesday, reaching $91.20. The company had a trading volume of 934,477 shares. The stock’s 50-day moving average price is $93.54 and its 200 day moving average price is $98.54. McCormick & Co. has a 1-year low of $78.45 and a 1-year high of $107.84. The company has a market capitalization of $11.50 billion, a PE ratio of 25.18 and a beta of 0.50.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. The business earned $1.09 billion during the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 earnings per share. Equities analysts expect that McCormick & Co. will post $3.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.06%. This is a positive change from McCormick & Co.’s previous quarterly dividend of $0.43. McCormick & Co.’s payout ratio is 47.51%.
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In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $3,619,314.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 13.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its position in McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock worth $111,000 after buying an additional 237 shares during the period. FineMark National Bank & Trust raised its position in shares of McCormick & Co. by 3,142.9% in the third quarter. FineMark National Bank & Trust now owns 1,135 shares of the company’s stock valued at $113,000 after buying an additional 1,100 shares during the period. Coconut Grove Bank raised its position in shares of McCormick & Co. by 5.7% in the third quarter. Coconut Grove Bank now owns 1,210 shares of the company’s stock valued at $121,000 after buying an additional 65 shares during the period. Washington Trust Bank raised its position in shares of McCormick & Co. by 986.4% in the third quarter. Washington Trust Bank now owns 1,358 shares of the company’s stock valued at $136,000 after buying an additional 1,233 shares during the period. Finally, Mizuho Asset Management Co. Ltd. raised its position in shares of McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock valued at $142,000 after buying an additional 632 shares during the period. 72.26% of the stock is currently owned by institutional investors.
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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