McCormick & Company, Incorporated (NYSE:MKC) Price Target Increased to $96.00 by Analysts at Bank of America

McCormick & Company, Incorporated (NYSE:MKC) had its target price lifted by Bank of America from $95.00 to $96.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on MKC. TD Cowen dropped their target price on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a report on Monday, June 24th. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and raised their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $79.57.

McCormick & Company, Incorporated Price Performance

NYSE:MKC opened at $82.06 on Wednesday. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. The company has a market cap of $22.04 billion, a P/E ratio of 29.95, a P/E/G ratio of 4.24 and a beta of 0.76. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. The stock’s 50-day simple moving average is $80.21 and its 200 day simple moving average is $75.20.

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

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.05%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at $14,944,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 22.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

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

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.