McCormick & Co. (MKC) Receives $96.41 Consensus PT from Brokerages
McCormick & Co. (NYSE:MKC) has been assigned a consensus rating of “Hold” from the nine research firms that are covering the company. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $98.56.
Several equities analysts have recently issued reports on MKC shares. Zacks Investment Research lowered McCormick & Co. from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Citigroup Inc. raised McCormick & Co. from a “sell” rating to a “neutral” rating and upped their target price for the company from $85.00 to $102.00 in a report on Thursday, June 23rd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $110.00 target price (up from $105.00) on shares of McCormick & Co. in a report on Friday, June 24th. Finally, Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 13.70% of the company’s stock.
Several large investors have recently bought and sold shares of MKC. Coconut Grove Bank increased its stake in shares of 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 period. Synovus Financial Corp increased its stake in shares of McCormick & Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,356 shares of the company’s stock worth $250,000 after buying an additional 15 shares during the period. HM Capital Management LLC increased its stake in shares of McCormick & Co. by 0.5% in the second quarter. HM Capital Management LLC now owns 3,641 shares of the company’s stock worth $388,000 after buying an additional 17 shares during the period. Mission Wealth Management LLC increased its stake in shares of McCormick & Co. by 1.0% in the second quarter. Mission Wealth Management LLC now owns 2,342 shares of the company’s stock worth $250,000 after buying an additional 24 shares during the period. Finally, Pennsylvania Trust Co increased its stake in shares of McCormick & Co. by 1.0% in the third quarter. Pennsylvania Trust Co now owns 4,846 shares of the company’s stock worth $484,000 after buying an additional 46 shares during the period. Hedge funds and other institutional investors own 72.47% of the company’s stock.
McCormick & Co. (NYSE:MKC) opened at 94.44 on Tuesday. The firm has a market capitalization of $11.91 billion, a PE ratio of 26.07 and a beta of 0.47. McCormick & Co. has a one year low of $78.45 and a one year high of $107.84. The firm has a 50-day moving average price of $97.70 and a 200 day moving average price of $99.18.
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 consensus estimate of $0.94 by $0.09. The company earned $1.09 billion during the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.85 earnings per share. Analysts anticipate that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.82%. McCormick & Co.’s dividend payout ratio is currently 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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