McCormick & Company, Incorporated (NYSE:MKC) Hits New 12-Month High at $94.27

Posted by Defense World Staff on Jun 25th, 2023

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $94.27 and last traded at $94.03, with a volume of 98315 shares changing hands. The stock had previously closed at $93.75.

Analyst Ratings Changes

A number of research firms have recently weighed in on MKC. Credit Suisse Group lowered their price objective on McCormick & Company, Incorporated from $75.00 to $72.00 in a research report on Tuesday, March 21st. Bank of America upgraded McCormick & Company, Incorporated from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $75.00 to $100.00 in a research note on Tuesday, June 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on McCormick & Company, Incorporated from $69.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, March 29th. StockNews.com started coverage on McCormick & Company, Incorporated in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. lifted their price objective on McCormick & Company, Incorporated from $63.00 to $66.00 and gave the company an “underweight” rating in a research note on Wednesday, March 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of “Hold” and an average target price of $82.60.

McCormick & Company, Incorporated Stock Up 0.0 %

The stock has a market cap of $25.16 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 4.71 and a beta of 0.58. The firm has a fifty day moving average of $88.74 and a 200 day moving average of $82.38. The company has a quick ratio of 0.32, a current ratio of 0.73 and a debt-to-equity ratio of 0.74.

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) last posted its earnings results on Tuesday, March 28th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.49 by $0.10. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.54 billion. McCormick & Company, Incorporated had a return on equity of 14.34% and a net margin of 10.42%. McCormick & Company, Incorporated’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. On average, equities research analysts anticipate that McCormick & Company, Incorporated will post 2.62 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 24th. Shareholders of record on Monday, April 10th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, April 6th. McCormick & Company, Incorporated’s payout ratio is 63.16%.

Insider Buying and Selling

In related news, CEO Lawrence Erik Kurzius sold 39,906 shares of the firm’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $90.02, for a total transaction of $3,592,338.12. Following the transaction, the chief executive officer now owns 159,579 shares of the company’s stock, valued at $14,365,301.58. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 19.00% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its position in shares of McCormick & Company, Incorporated by 14.9% during the 4th quarter. Handelsbanken Fonder AB now owns 115,450 shares of the company’s stock worth $9,570,000 after purchasing an additional 14,938 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in McCormick & Company, Incorporated in the 4th quarter worth approximately $2,982,000. HB Wealth Management LLC purchased a new stake in McCormick & Company, Incorporated in the 4th quarter worth approximately $251,000. Crossmark Global Holdings Inc. grew its stake in McCormick & Company, Incorporated by 1.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 26,202 shares of the company’s stock worth $2,172,000 after acquiring an additional 446 shares during the period. Finally, Absolute Capital Management LLC purchased a new stake in McCormick & Company, Incorporated in the 4th quarter worth approximately $257,000. 79.92% of the stock is currently owned by institutional investors and hedge funds.

About McCormick & Company, Incorporated

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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.