Citigroup Raises McCormick & Company, Incorporated (NYSE:MKC) Price Target to $68.00

McCormick & Company, Incorporated (NYSE:MKC) had its price objective raised by Citigroup from $60.00 to $68.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a sell rating on the stock.

Several other brokerages have also issued reports on MKC. JPMorgan Chase & Co. lowered 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. Barclays cut their price objective on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating for the company in a report on Tuesday, January 16th. Finally, Consumer Edge cut McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a report on Monday, January 22nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $76.43.

McCormick & Company, Incorporated Trading Up 1.0 %

Shares of McCormick & Company, Incorporated stock opened at $76.81 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.68. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $94.39. The stock has a 50 day moving average price of $68.19 and a two-hundred day moving average price of $67.86. The stock has a market capitalization of $20.60 billion, a PE ratio of 29.32, a price-to-earnings-growth ratio of 4.11 and a beta of 0.73.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.05. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. McCormick & Company, Incorporated’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. As a group, equities analysts anticipate that McCormick & Company, Incorporated will post 2.83 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Monday, April 8th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, April 5th. McCormick & Company, Incorporated’s dividend payout ratio is currently 64.12%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total transaction of $539,000.00. Following the transaction, the director now directly owns 5,594 shares in the company, valued at $430,738. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the sale, the director now directly owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now directly owns 5,594 shares in the company, valued at $430,738. The disclosure for this sale can be found here. 22.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC grew its stake in shares of McCormick & Company, Incorporated by 3.0% during the first quarter. SVB Wealth LLC now owns 3,937 shares of the company’s stock valued at $393,000 after buying an additional 114 shares during the last quarter. Wellington Management Group LLP raised its stake 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 acquiring an additional 148 shares during the last quarter. Asset Dedication LLC grew its position in McCormick & Company, Incorporated by 7.5% during the 2nd quarter. Asset Dedication LLC now owns 2,150 shares of the company’s stock worth $187,000 after purchasing an additional 150 shares during the period. Kinneret Advisory LLC grew its position in McCormick & Company, Incorporated by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 6,880 shares of the company’s stock worth $687,000 after purchasing an additional 154 shares during the period. Finally, KFG Wealth Management LLC grew its position in shares of McCormick & Company, Incorporated by 3.1% during the 4th quarter. KFG Wealth Management LLC now owns 5,229 shares of the company’s stock valued at $358,000 after acquiring an additional 158 shares during the period. 79.74% of the stock is currently owned by hedge funds and other 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.