McCormick & Company, Incorporated (NYSE:MKC) Declares Quarterly Dividend of $0.42

McCormick & Company, Incorporated (NYSE:MKC) declared a quarterly dividend on Wednesday, March 27th, RTT News reports. Stockholders of record on Monday, April 8th will be given a dividend of 0.42 per share on Monday, April 22nd. This represents a $1.68 annualized dividend and a dividend yield of 2.21%.

McCormick & Company, Incorporated has increased its dividend payment by an average of 7.8% per year over the last three years and has increased its dividend every year for the last 37 years. McCormick & Company, Incorporated has a payout ratio of 55.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect McCormick & Company, Incorporated to earn $3.01 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 55.8%.

McCormick & Company, Incorporated Stock Down 1.7 %

MKC opened at $76.02 on Thursday. The company has a market cap of $20.39 billion, a P/E ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73. The business’s 50-day moving average price is $67.73 and its 200-day moving average price is $67.74. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $94.39.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.59 earnings per share. On average, equities analysts expect that McCormick & Company, Incorporated will post 2.82 EPS for the current year.

Analyst Upgrades and Downgrades

MKC has been the topic of several recent analyst reports. Consumer Edge cut McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. Barclays cut their target price on McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 16th. JPMorgan Chase & Co. cut their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research note on Friday, January 26th. Stifel Nicolaus raised their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Citigroup raised their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus target price of $75.63.

Insider Activity

In other news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the sale, the director now owns 39,181 shares of the company’s stock, valued at approximately $2,554,601.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Hedge funds have recently modified their holdings of the business. SVB Wealth LLC boosted its holdings in McCormick & Company, Incorporated by 3.0% in the 1st quarter. SVB Wealth LLC now owns 3,937 shares of the company’s stock worth $393,000 after buying an additional 114 shares during the period. Wellington Management Group LLP boosted its holdings in McCormick & Company, Incorporated by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 53,866 shares of the company’s stock worth $4,482,000 after buying an additional 148 shares during the period. Kinneret Advisory LLC boosted its holdings in McCormick & Company, Incorporated by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 6,880 shares of the company’s stock worth $687,000 after buying an additional 154 shares during the period. Buckingham Strategic Wealth LLC boosted its holdings in McCormick & Company, Incorporated by 1.0% in the 4th quarter. Buckingham Strategic Wealth LLC now owns 16,968 shares of the company’s stock worth $1,161,000 after buying an additional 168 shares during the period. Finally, Ancora Advisors LLC boosted its holdings in McCormick & Company, Incorporated by 29.8% in the 1st quarter. Ancora Advisors LLC now owns 811 shares of the company’s stock worth $67,000 after buying an additional 186 shares during the period. Institutional investors 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.