McCormick & Company, Incorporated (MKC) Given New $108.00 Price Target at Citigroup Inc.
McCormick & Company, Incorporated (NYSE:MKC) had its price target raised by Citigroup Inc. from $100.00 to $108.00 in a research note issued to investors on Monday. The firm currently has a neutral rating on the stock.
MKC has been the subject of a number of other reports. Zacks Investment Research raised McCormick & Company, from a hold rating to a buy rating and set a $114.00 price target for the company in a research note on Monday, June 19th. Credit Suisse Group restated a buy rating and set a $115.00 price objective (up previously from $112.00) on shares of McCormick & Company, in a report on Friday. Edward Jones raised McCormick & Company, from a hold rating to a buy rating in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) initiated coverage on McCormick & Company, in a research report on Friday, June 16th. They issued a neutral rating and a $101.00 price objective on the stock. Finally, Jefferies Group LLC upgraded McCormick & Company, from a hold rating to a buy rating and increased their target price for the stock from $95.00 to $110.00 in a research note on Friday, July 28th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. McCormick & Company, currently has an average rating of Buy and an average target price of $105.00.
Shares of McCormick & Company, (MKC) opened at 99.77 on Monday. The company has a 50-day moving average price of $97.31 and a 200-day moving average price of $98.92. McCormick & Company, has a 52 week low of $88.64 and a 52 week high of $106.50. The stock has a market cap of $12.43 billion, a price-to-earnings ratio of 26.50 and a beta of 0.53.
McCormick & Company, (NYSE:MKC) last announced its quarterly earnings data on Thursday, September 28th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.07. McCormick & Company, had a net margin of 10.05% and a return on equity of 26.09%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that McCormick & Company, will post $4.21 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 24th. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Friday, October 6th. McCormick & Company,’s dividend payout ratio (DPR) is 51.93%.
In related news, VP Michael R. Smith sold 5,500 shares of McCormick & Company, stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $102.60, for a total transaction of $564,300.00. Following the transaction, the vice president now directly owns 19,248 shares of the company’s stock, valued at $1,974,844.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. 15.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of McCormick & Company, by 956.5% in the 1st quarter. BlackRock Inc. now owns 10,405,413 shares of the company’s stock worth $1,015,049,000 after acquiring an additional 9,420,526 shares in the last quarter. TimesSquare Capital Management LLC bought a new stake in McCormick & Company, during the first quarter valued at about $72,060,000. Harbour Capital Advisors LLC boosted its position in McCormick & Company, by 22,166.5% during the second quarter. Harbour Capital Advisors LLC now owns 722,549 shares of the company’s stock valued at $7,410,000 after purchasing an additional 719,304 shares in the last quarter. Vanguard Group Inc. boosted its position in McCormick & Company, by 3.6% during the first quarter. Vanguard Group Inc. now owns 11,962,754 shares of the company’s stock valued at $1,166,965,000 after purchasing an additional 420,241 shares in the last quarter. Finally, State Street Corp boosted its position in McCormick & Company, by 5.4% during the first quarter. State Street Corp now owns 7,256,472 shares of the company’s stock valued at $707,872,000 after purchasing an additional 368,990 shares in the last quarter. 72.74% of the stock is currently owned by institutional investors and hedge funds.
McCormick & Company, Company Profile
McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.
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