McCormick & Company, Incorporated (NYSE:MKC) Hits New 52-Week High at $85.49

McCormick & Company, Incorporated (NYSE:MKC) reached a new 52-week high on Monday . The company traded as high as $85.49 and last traded at $84.74, with a volume of 99194 shares changing hands. The stock had previously closed at $83.76.

Wall Street Analyst Weigh In

MKC has been the subject of several analyst reports. TD Cowen cut their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Bank of America boosted their price objective on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of “Hold” and an average price target of $77.38.

McCormick & Company, Incorporated Stock Performance

The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 30.84, a P/E/G ratio of 4.26 and a beta of 0.76. The stock has a 50 day moving average price of $77.98 and a two-hundred day moving average price of $74.11.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 earnings per share. Analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were issued a $0.42 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 1.99%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 22.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC boosted its stake in McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares during the period. OFI Invest Asset Management bought a new position in shares of McCormick & Company, Incorporated during the second quarter worth about $29,000. 1620 Investment Advisors Inc. bought a new position in shares of McCormick & Company, Incorporated during the second quarter worth about $35,000. Strategic Investment Solutions Inc. IL acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter valued at approximately $39,000. Finally, Farmers & Merchants Investments Inc. grew its stake in shares of McCormick & Company, Incorporated by 40.3% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 794 shares of the company’s stock worth $56,000 after acquiring an additional 228 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

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.