McCormick & Company, Incorporated (NYSE:MKC) Price Target Cut to $63.00 by Analysts at JPMorgan Chase & Co.

McCormick & Company, Incorporated (NYSE:MKC) had its price objective reduced by JPMorgan Chase & Co. from $64.00 to $63.00 in a report issued on Friday, MarketBeat.com reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently commented on the company. UBS Group cut their target price on McCormick & Company, Incorporated from $53.00 to $51.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Barclays cut their target price on McCormick & Company, Incorporated from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Sanford C. Bernstein cut their target price on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 24th. Deutsche Bank Aktiengesellschaft cut their target price on McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Finally, HSBC cut their target price on McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating on the stock in a research note on Thursday, March 26th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $63.27.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $48.95 on Friday. The stock has a market capitalization of $13.15 billion, a price-to-earnings ratio of 8.02, a P/E/G ratio of 2.43 and a beta of 0.65. McCormick & Company, Incorporated has a 12-month low of $44.82 and a 12-month high of $78.16. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The stock has a 50-day simple moving average of $49.22 and a 200 day simple moving average of $59.27.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the previous year, the company earned $0.60 EPS. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, research analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, April 10th. The stock was acquired at an average price of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the acquisition, the director owned 2,906 shares of the company’s stock, valued at $153,959.88. This represents a 220.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MKC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of McCormick & Company, Incorporated by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,678 shares of the company’s stock valued at $2,854,000 after buying an additional 925 shares during the last quarter. Empowered Funds LLC lifted its position in shares of McCormick & Company, Incorporated by 19.0% during the 1st quarter. Empowered Funds LLC now owns 5,903 shares of the company’s stock valued at $486,000 after buying an additional 941 shares during the last quarter. Woodline Partners LP lifted its position in shares of McCormick & Company, Incorporated by 40.9% during the 1st quarter. Woodline Partners LP now owns 21,334 shares of the company’s stock valued at $1,756,000 after buying an additional 6,189 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of McCormick & Company, Incorporated during the 2nd quarter valued at $6,520,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of McCormick & Company, Incorporated by 6.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 37,888 shares of the company’s stock valued at $2,873,000 after buying an additional 2,176 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.