MCCORMICK & CO /SH (MKC) Hits New 1-Year High at $144.07

Shares of MCCORMICK & CO /SH NV (NYSE:MKC) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $144.07 and last traded at $143.98, with a volume of 49180 shares. The stock had previously closed at $140.43.

MKC has been the subject of a number of research reports. Barclays reiterated a “hold” rating and set a $129.00 target price on shares of MCCORMICK & CO /SH in a report on Sunday, September 30th. Jefferies Financial Group reiterated a “buy” rating and set a $150.00 target price on shares of MCCORMICK & CO /SH in a report on Wednesday, October 3rd. Zacks Investment Research upgraded MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a report on Monday, July 2nd. UBS Group set a $130.00 target price on MCCORMICK & CO /SH and gave the stock a “hold” rating in a report on Friday, September 28th. Finally, Stifel Nicolaus boosted their target price on MCCORMICK & CO /SH from $117.00 to $125.00 and gave the stock a “hold” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $124.44.

The stock has a market capitalization of $18.22 billion, a P/E ratio of 33.98, a P/E/G ratio of 3.08 and a beta of 0.57. The company has a quick ratio of 0.36, a current ratio of 0.79 and a debt-to-equity ratio of 1.37.

MCCORMICK & CO /SH (NYSE:MKC) last released its quarterly earnings results on Thursday, September 27th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.27 by $0.01. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.36 billion. MCCORMICK & CO /SH had a return on equity of 21.83% and a net margin of 16.57%. MCCORMICK & CO /SH’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 EPS. As a group, research analysts anticipate that MCCORMICK & CO /SH NV will post 4.99 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Investors of record on Tuesday, October 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Friday, October 5th. MCCORMICK & CO /SH’s dividend payout ratio (DPR) is presently 48.83%.

In related news, Director Alan D. Wilson sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $125.30, for a total transaction of $12,530,000.00. Following the transaction, the director now directly owns 212,894 shares of the company’s stock, valued at approximately $26,675,618.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $142.00, for a total value of $710,000.00. Following the transaction, the director now directly owns 19,864 shares in the company, valued at $2,820,688. The disclosure for this sale can be found here. Insiders have sold a total of 216,000 shares of company stock worth $28,845,490 over the last three months. 19.20% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MKC. Putnam Investments LLC raised its position in shares of MCCORMICK & CO /SH by 23.6% in the 2nd quarter. Putnam Investments LLC now owns 2,567,422 shares of the company’s stock valued at $298,052,000 after purchasing an additional 489,488 shares in the last quarter. FMR LLC raised its position in shares of MCCORMICK & CO /SH by 89.1% in the 2nd quarter. FMR LLC now owns 916,815 shares of the company’s stock valued at $106,433,000 after purchasing an additional 431,896 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of MCCORMICK & CO /SH by 180.2% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 562,773 shares of the company’s stock valued at $65,333,000 after purchasing an additional 361,921 shares in the last quarter. Glenmede Trust Co. NA raised its position in shares of MCCORMICK & CO /SH by 3,470.6% in the 2nd quarter. Glenmede Trust Co. NA now owns 352,453 shares of the company’s stock valued at $40,917,000 after purchasing an additional 342,582 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of MCCORMICK & CO /SH by 5,455.8% in the 2nd quarter. First Trust Advisors LP now owns 338,960 shares of the company’s stock valued at $39,350,000 after purchasing an additional 332,859 shares in the last quarter. 80.54% of the stock is currently owned by institutional investors.

About MCCORMICK & CO /SH (NYSE:MKC)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

Further Reading: Balanced Fund

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