McCormick & Company, Incorporated (MKC) Given Average Recommendation of “Buy” by Analysts
Shares of McCormick & Company, Incorporated (NYSE:MKC) have received an average recommendation of “Buy” from the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $105.50.
Several research firms have issued reports on MKC. Citigroup Inc. raised their target price on McCormick & Company, from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, October 2nd. Credit Suisse Group reissued a “buy” rating and set a $115.00 target price (up previously from $112.00) on shares of McCormick & Company, in a research note on Friday, September 29th. Stifel Nicolaus reissued a “hold” rating and set a $103.00 target price (up previously from $95.00) on shares of McCormick & Company, in a research note on Monday, October 2nd. Jefferies Group LLC set a $115.00 price objective on McCormick & Company, and gave the company a “buy” rating in a research note on Saturday. Finally, Zacks Investment Research raised McCormick & Company, from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a research note on Monday, October 2nd.
McCormick & Company, (MKC) traded up 0.86% during trading on Wednesday, hitting $98.29. McCormick & Company, has a 52 week low of $88.64 and a 52 week high of $106.50. The company has a market cap of $12.25 billion, a P/E ratio of 26.11 and a beta of 0.53. The stock has a 50 day moving average of $97.54 and a 200-day moving average of $98.77.
McCormick & Company, (NYSE:MKC) last posted its earnings results on Thursday, September 28th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.07. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.17 billion. McCormick & Company, had a return on equity of 26.09% and a net margin of 10.05%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. Analysts forecast that McCormick & Company, will post $4.22 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 24th. Investors of record on Tuesday, October 10th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $1.88 annualized dividend and a yield of 1.91%. McCormick & Company,’s payout ratio is 51.93%.
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In related news, VP Michael R. Smith sold 5,500 shares of the business’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $102.60, for a total transaction of $564,300.00. Following the completion of the transaction, the vice president now directly owns 19,248 shares of the company’s stock, valued at approximately $1,974,844.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.30% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bath Savings Trust Co grew its stake in McCormick & Company, by 4.3% during the 3rd quarter. Bath Savings Trust Co now owns 89,004 shares of the company’s stock worth $9,135,000 after purchasing an additional 3,635 shares in the last quarter. Toronto Dominion Bank grew its stake in McCormick & Company, by 24.3% during the 2nd quarter. Toronto Dominion Bank now owns 39,362 shares of the company’s stock worth $3,838,000 after purchasing an additional 7,684 shares in the last quarter. Advisory Services Network LLC grew its stake in McCormick & Company, by 4.5% during the 2nd quarter. Advisory Services Network LLC now owns 2,981 shares of the company’s stock worth $291,000 after purchasing an additional 128 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in McCormick & Company, during the 2nd quarter worth $1,684,000. Finally, WINTON GROUP Ltd grew its stake in McCormick & Company, by 1.4% during the 2nd quarter. WINTON GROUP Ltd now owns 23,338 shares of the company’s stock worth $2,276,000 after purchasing an additional 333 shares in the last quarter. 72.74% of the stock is owned by hedge funds and other institutional investors.
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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