McCormick & Co. (MKC) Given Consensus Rating of “Hold” by Analysts
Shares of McCormick & Co. (NYSE:MKC) have received an average recommendation of “Hold” from the nine ratings firms that are covering the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $96.41.
MKC has been the topic of several recent research reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $113.00 price objective (up from $110.00) on shares of McCormick & Co. in a report on Sunday, June 26th. Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a report on Friday, July 8th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the transaction, the chief financial officer now directly owns 94,012 shares in the company, valued at $9,887,242.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 13.70% of the stock is currently owned by insiders.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in McCormick & Co. by 2.0% in the second quarter. Vanguard Group Inc. now owns 11,084,604 shares of the company’s stock valued at $1,182,395,000 after buying an additional 219,950 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of McCormick & Co. by 15.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,882,526 shares of the company’s stock worth $386,234,000 after buying an additional 515,435 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of McCormick & Co. by 6.2% in the second quarter. BlackRock Fund Advisors now owns 3,037,792 shares of the company’s stock worth $324,041,000 after buying an additional 177,417 shares during the last quarter. BlackRock Group LTD boosted its position in shares of McCormick & Co. by 8.9% in the second quarter. BlackRock Group LTD now owns 1,616,816 shares of the company’s stock worth $172,465,000 after buying an additional 132,291 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of McCormick & Co. by 16.4% in the second quarter. Janus Capital Management LLC now owns 1,581,927 shares of the company’s stock worth $168,744,000 after buying an additional 222,568 shares during the last quarter. Institutional investors own 72.47% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded down 1.38% during midday trading on Tuesday, hitting $94.00. 347,111 shares of the company traded hands. The stock has a market capitalization of $11.85 billion, a PE ratio of 25.95 and a beta of 0.47. The stock has a 50 day moving average of $98.58 and a 200-day moving average of $99.31. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, topping the Zacks’ 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%. McCormick & Co.’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.85 earnings per share. Equities analysts forecast that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s payout ratio is 47.51%.
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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