McCormick & Company, Incorporated (NYSE:MKC) Sets New 52-Week Low on Analyst Downgrade

Posted by Defense World Staff on Oct 5th, 2023

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) shares reached a new 52-week low during trading on Wednesday after TheStreet downgraded the stock from a b- rating to a c+ rating. The company traded as low as $66.08 and last traded at $66.38, with a volume of 1007103 shares changing hands. The stock had previously closed at $68.40.

Several other brokerages also recently commented on MKC. Bank of America lowered their price objective on shares of McCormick & Company, Incorporated from $100.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday. TD Cowen assumed coverage on shares of McCormick & Company, Incorporated in a report on Wednesday, September 13th. They issued a “market perform” rating and a $87.00 price target for the company. JPMorgan Chase & Co. boosted their target price on shares of McCormick & Company, Incorporated from $66.00 to $71.00 in a research report on Thursday, July 6th. HSBC started coverage on shares of McCormick & Company, Incorporated in a research note on Friday, September 22nd. They issued a “hold” rating and a $86.00 price target on the stock. Finally, StockNews.com started coverage on shares of McCormick & Company, Incorporated in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $81.75.

Get Our Latest Report on MKC

Insider Activity

In related news, VP Jeffery D. Schwartz sold 3,600 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $87.48, for a total transaction of $314,928.00. Following the completion of the sale, the vice president now owns 57,174 shares of the company’s stock, valued at approximately $5,001,581.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other McCormick & Company, Incorporated news, VP Jeffery D. Schwartz sold 3,600 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $87.48, for a total value of $314,928.00. Following the completion of the sale, the vice president now owns 57,174 shares of the company’s stock, valued at $5,001,581.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $83.63, for a total value of $418,150.00. Following the transaction, the director now owns 39,181 shares of the company’s stock, valued at $3,276,707.03. The disclosure for this sale can be found here. Insiders sold a total of 16,200 shares of company stock valued at $1,416,530 in the last 90 days. 19.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Several large investors have recently added to or reduced their stakes in MKC. American Century Companies Inc. lifted its stake in McCormick & Company, Incorporated by 15.9% in the first quarter. American Century Companies Inc. now owns 5,072 shares of the company’s stock valued at $506,000 after buying an additional 696 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in McCormick & Company, Incorporated by 28.1% during the first quarter. Vontobel Holding Ltd. now owns 6,448 shares of the company’s stock worth $627,000 after acquiring an additional 1,415 shares during the period. Sei Investments Co. grew its holdings in McCormick & Company, Incorporated by 1.0% during the first quarter. Sei Investments Co. now owns 108,139 shares of the company’s stock worth $10,803,000 after acquiring an additional 1,048 shares during the period. Prudential PLC acquired a new position in McCormick & Company, Incorporated during the first quarter worth about $543,000. Finally, Sequoia Financial Advisors LLC acquired a new position in McCormick & Company, Incorporated during the first quarter worth about $313,000. 78.15% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated Trading Up 0.0 %

The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.33. The stock has a market capitalization of $18.36 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 3.75 and a beta of 0.61. The business has a fifty day moving average of $81.90 and a 200-day moving average of $85.00.

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) last announced its quarterly earnings data on Tuesday, October 3rd. The company reported $0.65 EPS for the quarter, hitting analysts’ consensus estimates of $0.65. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.70 billion. McCormick & Company, Incorporated had a return on equity of 14.76% and a net margin of 10.74%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company posted $0.69 EPS. On average, equities analysts anticipate that McCormick & Company, Incorporated will post 2.66 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 24th. Shareholders of record on Tuesday, October 10th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, October 6th. McCormick & Company, Incorporated’s dividend payout ratio is currently 60.23%.

McCormick & Company, Incorporated Company Profile

(Get Free Report)

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.

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