McCormick & Co. (MKC) Stock Price Up -0.1%
McCormick & Co. (NYSE:MKC) rose 0.1% on Tuesday . The stock traded as high as $98.46 and last traded at $97.96, with a volume of 311,914 shares changing hands. The stock had previously closed at $98.04.
MKC has been the topic of several recent research reports. Citigroup Inc. raised McCormick & Co. from a “sell” rating to a “neutral” rating and raised their price objective for the company from $85.00 to $102.00 in a report on Thursday, June 23rd. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 target price for the company in a research report on Thursday, August 18th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $110.00 target price (up from $105.00) on shares of McCormick & Co. in a research report on Friday, June 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. McCormick & Co. presently has an average rating of “Hold” and an average price target of $98.86.
The firm has a market capitalization of $12.39 billion, a PE ratio of 29.00 and a beta of 0.48. The firm has a 50-day moving average of $101.62 and a 200-day moving average of $98.89.
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McCormick & Co. (NYSE:MKC) last released its quarterly earnings results on Thursday, June 30th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The firm had revenue of $1.06 billion for the quarter. McCormick & Co. had a net margin of 9.96% and a return on equity of 26.08%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS. On average, equities research analysts predict that McCormick & Co. will post $3.76 earnings per share for the current year.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the company’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the transaction, the chief financial officer now directly owns 94,012 shares in the company, valued at $9,887,242.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Patricia A. Little sold 3,750 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total transaction of $402,075.00. Following the completion of the transaction, the director now owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MKC. Van ECK Associates Corp raised its position in shares of McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock valued at $111,000 after buying an additional 237 shares during the period. Coconut Grove Bank raised its position in shares of McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock valued at $122,000 after buying an additional 12 shares during the period. Mizuho Asset Management Co. Ltd. raised its position in shares of McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock valued at $142,000 after buying an additional 632 shares during the period. Meeder Asset Management Inc. raised its position in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock valued at $169,000 after buying an additional 948 shares during the period. Finally, Ferguson Wellman Capital Management Inc. bought a new position in shares of McCormick & Co. during the second quarter valued at about $207,000. Institutional investors own 72.41% of the company’s stock.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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