McCormick & Company, Incorporated (NYSE:MKC) Price Target Cut to $73.00

McCormick & Company, Incorporated (NYSE:MKC) had its price objective reduced by TD Cowen from $75.00 to $73.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a hold rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research report on Wednesday, March 27th. Barclays raised their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a research report on Thursday, March 28th. Argus raised McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price target on the stock in a research report on Tuesday, April 2nd. Finally, Citigroup raised shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of Hold and an average target price of $76.25.

McCormick & Company, Incorporated Trading Down 1.3 %

NYSE:MKC opened at $67.67 on Monday. The stock has a fifty day simple moving average of $72.39 and a 200 day simple moving average of $70.14. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 25.83, a price-to-earnings-growth ratio of 3.58 and a beta of 0.74. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $93.77. The company has a quick ratio of 0.30, a current ratio of 0.68 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period last year, the firm posted $0.59 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts forecast that McCormick & Company, Incorporated will post 2.84 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Patricia A. Little sold 20,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $75.57, for a total transaction of $1,511,400.00. Following the completion of the sale, the director now owns 24,732 shares in the company, valued at approximately $1,868,997.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 104,458 shares of company stock worth $7,747,114. 22.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several hedge funds have recently modified their holdings of MKC. Anchor Investment Management LLC bought a new stake in McCormick & Company, Incorporated in the 4th quarter valued at $36,000. VisionPoint Advisory Group LLC acquired a new stake in McCormick & Company, Incorporated during the fourth quarter worth about $44,000. Valley National Advisers Inc. grew its position in McCormick & Company, Incorporated by 283.9% during the fourth quarter. Valley National Advisers Inc. now owns 787 shares of the company’s stock worth $53,000 after buying an additional 582 shares in the last quarter. Private Trust Co. NA increased its stake in McCormick & Company, Incorporated by 59.1% during the fourth quarter. Private Trust Co. NA now owns 781 shares of the company’s stock valued at $53,000 after acquiring an additional 290 shares during the period. Finally, Lindbrook Capital LLC raised its holdings in McCormick & Company, Incorporated by 16.5% in the 1st quarter. Lindbrook Capital LLC now owns 944 shares of the company’s stock valued at $73,000 after acquiring an additional 134 shares in the last quarter. 79.74% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.