Jefferies Group Trims McCormick & Co. (MKC) Target Price to $95.00
McCormick & Co. (NYSE:MKC) had its price objective trimmed by Jefferies Group from $100.00 to $95.00 in a research report released on Wednesday morning. The firm currently has a hold rating on the stock.
A number of other equities research analysts have also recently weighed in on the company. Deutsche Bank AG dropped their price target on McCormick & Co. from $113.00 to $112.00 and set a buy rating for the company in a report on Friday, September 23rd. Sanford C. Bernstein lowered McCormick & Co. from an outperform rating to a market perform rating and decreased 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. Zacks Investment Research upgraded McCormick & Co. from a hold rating to a buy rating and set a $109.00 price objective on the stock in a research report on Thursday, September 15th. Finally, Citigroup Inc. reiterated a neutral rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $98.99.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.13% during mid-day trading on Wednesday, hitting $94.56. The stock had a trading volume of 18,146 shares. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The stock has a market cap of $11.92 billion, a price-to-earnings ratio of 26.11 and a beta of 0.47. The firm’s 50-day moving average price is $97.70 and its 200 day moving average price is $99.18.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The firm earned $1.09 billion during the quarter. During the same period in the prior year, the business earned $0.85 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts forecast that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.82%. McCormick & Co.’s dividend payout ratio is presently 47.51%.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. stock in a transaction dated Tuesday, October 11th. The stock was sold at an average price of $94.15, for a total transaction of $188,300.00. Following the transaction, the director now directly owns 38,442 shares in the company, valued at $3,619,314.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 13.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. AXA increased its stake in 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 in the last quarter. Quadrature Capital Ltd purchased a new stake in McCormick & Co. during the first quarter valued at about $3,222,000. BB&T Securities LLC increased its stake in 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 in the last quarter. 1832 Asset Management L.P. purchased a new stake in McCormick & Co. during the first quarter valued at about $2,393,000. Finally, Canada Pension Plan Investment Board increased its stake in 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 in the last quarter. 72.46% of the stock is currently owned by hedge funds and other institutional investors.
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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