McCormick & Company, Incorporated (NYSE:MKC) Reaches New 12-Month High at $84.14

Shares of McCormick & Company, Incorporated (NYSE:MKC) reached a new 52-week high during trading on Tuesday . The stock traded as high as $84.14 and last traded at $83.76, with a volume of 44466 shares changing hands. The stock had previously closed at $83.24.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. TD Cowen lowered their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their price target for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $76.25.

McCormick & Company, Incorporated Stock Performance

The stock’s 50-day moving average is $76.86 and its 200-day moving average is $73.62. The stock has a market cap of $22.19 billion, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 4.27 and a beta of 0.76. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 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 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. Analysts anticipate that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 22.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

A number of hedge funds have recently made changes to their positions in MKC. Capital Advisors Ltd. LLC raised its stake in shares of McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after acquiring an additional 175 shares during the period. OFI Invest Asset Management purchased a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $29,000. 1620 Investment Advisors Inc. purchased a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $35,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $39,000. Finally, Farmers & Merchants Investments Inc. increased its stake in McCormick & Company, Incorporated by 40.3% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 794 shares of the company’s stock worth $56,000 after buying an additional 228 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

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.