McCormick & Co. (MKC) Given New $95.00 Price Target at Jefferies Group
McCormick & Co. (NYSE:MKC) had its price objective lowered by equities research analysts at Jefferies Group from $100.00 to $95.00 in a report issued on Wednesday. The firm currently has a “hold” rating on the stock. Jefferies Group’s price target would indicate a potential upside of 0.89% from the company’s previous close.
Several other equities analysts have also weighed in on the stock. Sanford C. Bernstein lowered shares of 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. Citigroup Inc. raised shares of McCormick & Co. from a “sell” rating to a “neutral” rating and raised their price objective for the company from $85.00 to $102.00 in a research report on Thursday, June 23rd. Deutsche Bank AG cut their price objective on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, September 23rd. Finally, Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 price objective on the stock in a research report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $98.99.
McCormick & Co. (NYSE:MKC) traded down 0.03% during trading on Wednesday, hitting $94.13. 84,052 shares of the stock were exchanged. The firm has a market cap of $11.87 billion, a PE ratio of 25.99 and a beta of 0.47. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The stock’s 50-day moving average price is $98.34 and its 200-day moving average price is $99.27.
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McCormick & Co. (NYSE:MKC) last posted 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 earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. McCormick & Co.’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. On average, 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, October 25th. Stockholders of record on Tuesday, October 11th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.83%. McCormick & Co.’s payout ratio is 47.51%.
Large investors have recently made changes to their positions in the company. AXA increased its stake in shares of McCormick & Co. by 20.1% in the first quarter. AXA now owns 97,400 shares of the company’s stock valued at $9,689,000 after buying an additional 16,300 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of McCormick & Co. during the first quarter valued at about $3,222,000. BB&T Securities LLC increased its stake in shares of McCormick & Co. by 426.5% in the first quarter. BB&T Securities LLC now owns 84,465 shares of the company’s stock valued at $8,402,000 after buying an additional 68,421 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in shares of McCormick & Co. during the first quarter valued at about $2,393,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of McCormick & Co. by 184.2% in the first quarter. Canada Pension Plan Investment Board now owns 63,741 shares of the company’s stock valued at $6,341,000 after buying an additional 41,311 shares during the last quarter. Institutional investors and hedge funds own 72.47% of the company’s stock.
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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