McCormick & Company, Incorporated (NYSE:MKC) Sets New 1-Year Low – Here’s Why

McCormick & Company, Incorporated (NYSE:MKC)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $47.30 and last traded at $48.22, with a volume of 402175 shares. The stock had previously closed at $48.02.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Stifel Nicolaus reduced their price objective on McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, April 1st. BTIG Research started coverage on McCormick & Company, Incorporated in a research report on Tuesday, April 14th. They set a “neutral” rating for the company. BNP Paribas Exane dropped their target price on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft dropped their target price on McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Finally, Sanford C. Bernstein dropped their target price on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating for the company in a research report on Tuesday, March 24th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $64.27.

McCormick & Company, Incorporated Trading Up 0.9%

The company has a market cap of $13.02 billion, a P/E ratio of 7.95, a P/E/G ratio of 2.46 and a beta of 0.68. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $56.64 and a two-hundred day moving average price of $62.98.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. On average, analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated’s dividend payout ratio is currently 31.48%.

Insider Buying and Selling

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $71.63, for a total value of $3,581,500.00. Following the completion of the sale, the insider owned 296,992 shares in the company, valued at approximately $21,273,536.96. This represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $67.92, for a total value of $339,600.00. Following the completion of the sale, the director owned 43,029 shares of the company’s stock, valued at $2,922,529.68. This represents a 10.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $4,256,550. Company insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deseret Mutual Benefit Administrators lifted its holdings in McCormick & Company, Incorporated by 67.8% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock worth $28,000 after acquiring an additional 164 shares in the last quarter. Motiv8 Investments LLC bought a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth about $28,000. GoalVest Advisory LLC bought a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth about $28,000. Zions Bancorporation National Association UT increased its holdings in shares of McCormick & Company, Incorporated by 340.0% in the fourth quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock worth $31,000 after acquiring an additional 357 shares in the last quarter. Finally, SouthState Bank Corp increased its holdings in shares of McCormick & Company, Incorporated by 1,777.8% in the third quarter. SouthState Bank Corp now owns 507 shares of the company’s stock worth $34,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.