Bank of America Raises McCormick & Company, Incorporated (NYSE:MKC) Price Target to $96.00

by · The Markets Daily

McCormick & Company, Incorporated (NYSE:MKC – Free Report) had its price objective increased by Bank of America from $95.00 to $96.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. TD Cowen decreased their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a research note on Monday, June 24th. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and boosted their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $79.57.

Check Out Our Latest Stock Analysis on McCormick & Company, Incorporated

McCormick & Company, Incorporated Trading Down 0.3 %

Shares of MKC opened at $80.61 on Wednesday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The firm has a market capitalization of $21.65 billion, a P/E ratio of 29.42, a P/E/G ratio of 4.24 and a beta of 0.77. The firm has a 50-day moving average price of $80.43 and a 200 day moving average price of $75.33. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) last posted its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. McCormick & Company, Incorporated’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the business posted $0.65 EPS. Sell-side analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.31%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.90% of the stock is currently owned by corporate insiders.

Institutional Trading of McCormick & Company, Incorporated

A number of large investors have recently modified their holdings of MKC. Allianz Asset Management GmbH increased its holdings in McCormick & Company, Incorporated by 27.0% during the 4th quarter. Allianz Asset Management GmbH now owns 38,107 shares of the company’s stock worth $2,607,000 after purchasing an additional 8,113 shares during the period. California State Teachers Retirement System lifted its stake in McCormick & Company, Incorporated by 2.1% in the fourth quarter. California State Teachers Retirement System now owns 406,516 shares of the company’s stock worth $27,814,000 after acquiring an additional 8,437 shares during the last quarter. NEOS Investment Management LLC purchased a new position in McCormick & Company, Incorporated in the fourth quarter worth approximately $224,000. CIBC Private Wealth Group LLC grew its holdings in McCormick & Company, Incorporated by 34.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 10,887 shares of the company’s stock worth $745,000 after acquiring an additional 2,768 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of McCormick & Company, Incorporated by 6.1% in the 4th quarter. First Trust Advisors LP now owns 1,004,628 shares of the company’s stock valued at $68,737,000 after purchasing an additional 57,839 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

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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