Bank of America Boosts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $95.00

McCormick & Company, Incorporated (NYSE:MKC) had its price objective hoisted by Bank of America from $86.00 to $95.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

MKC has been the topic of a number of other research reports. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and boosted their price target for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen dropped their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of Hold and a consensus target price of $77.38.

McCormick & Company, Incorporated Stock Down 0.7 %

MKC stock opened at $83.35 on Tuesday. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. The company’s 50 day simple moving average is $78.47 and its 200-day simple moving average is $74.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The firm has a market capitalization of $22.39 billion, a P/E ratio of 30.42, a P/E/G ratio of 4.26 and a beta of 0.76.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. As a group, equities research analysts anticipate that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a $0.42 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.02%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.90% of the company’s stock.

Institutional Trading of McCormick & Company, Incorporated

Several large investors have recently added to or reduced their stakes in MKC. Norges Bank bought a new stake in McCormick & Company, Incorporated in the fourth quarter worth approximately $160,999,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of McCormick & Company, Incorporated by 46.6% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,346 shares of the company’s stock worth $776,000 after buying an additional 3,607 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of McCormick & Company, Incorporated by 49.0% during the 4th quarter. Clearbridge Investments LLC now owns 826,433 shares of the company’s stock worth $56,545,000 after buying an additional 271,778 shares during the period. Sachetta LLC bought a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth $213,000. Finally, Corient Private Wealth LLC boosted its holdings in shares of McCormick & Company, Incorporated by 14.4% during the 4th quarter. Corient Private Wealth LLC now owns 677,195 shares of the company’s stock worth $46,334,000 after buying an additional 85,242 shares during the period. 79.74% of the stock is owned by institutional investors.

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.