McCormick & Co. (MKC) Director Sells $188,300.00 in Stock
McCormick & Co. (NYSE:MKC) Director Freeman A. Hrabowski III sold 2,000 shares of the firm’s stock in a transaction on Tuesday, October 11th. The stock was sold at an average price of $94.15, for a total transaction of $188,300.00. Following the sale, the director now owns 38,442 shares in the company, valued at $3,619,314.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
McCormick & Co. (NYSE:MKC) opened at 94.61 on Friday. The stock has a 50 day moving average of $97.91 and a 200-day moving average of $99.20. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The company has a market cap of $11.93 billion, a P/E ratio of 26.12 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last released its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company had revenue of $1.09 billion for the quarter. During the same quarter in the previous year, the firm earned $0.85 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. Equities research analysts expect that McCormick & Co. will post $3.79 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.82%. McCormick & Co.’s payout ratio is presently 47.51%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its position in McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock worth $111,000 after buying an additional 237 shares during the last quarter. Coconut Grove Bank increased its position in McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares during the last quarter. Washington Trust Bank increased its position in McCormick & Co. by 986.4% in the third quarter. Washington Trust Bank now owns 1,358 shares of the company’s stock worth $136,000 after buying an additional 1,233 shares during the last quarter. Mizuho Asset Management Co. Ltd. increased its position in McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock worth $142,000 after buying an additional 632 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares during the last quarter. Institutional investors own 72.47% of the company’s stock.
MKC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price objective on the stock in a report on Thursday, September 15th. Deutsche Bank AG decreased their target price on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, September 23rd. Jefferies Group decreased their target price on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday. Citigroup Inc. reaffirmed a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. Finally, Sanford C. Bernstein downgraded shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their target price 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $98.99.
About McCormick & Co.
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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