TD Cowen Cuts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $73.00

McCormick & Company, Incorporated (NYSE:MKC) had its price objective trimmed by TD Cowen from $75.00 to $73.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other brokerages also recently commented on MKC. Barclays boosted their target price on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a research note on Thursday, March 28th. Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Stifel Nicolaus boosted their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research note on Wednesday, March 27th. Finally, Argus upgraded shares of McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price target on the stock in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $76.25.

McCormick & Company, Incorporated Trading Down 1.3 %

NYSE:MKC opened at $67.67 on Monday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $93.77. The firm has a market cap of $18.16 billion, a PE ratio of 25.83, a price-to-earnings-growth ratio of 3.58 and a beta of 0.74. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $72.39 and a 200 day moving average price of $70.14.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the company posted $0.59 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.84 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio is currently 64.12%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, insider Katherine Jenkins sold 1,726 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Katherine Jenkins sold 1,726 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Patricia A. Little sold 20,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the sale, the director now directly owns 24,732 shares of the company’s stock, valued at $1,868,997.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,458 shares of company stock worth $7,747,114. 22.90% of the stock is owned by company insiders.

Institutional Trading of McCormick & Company, Incorporated

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in McCormick & Company, Incorporated in the 4th quarter valued at approximately $160,999,000. Massachusetts Financial Services Co. MA boosted its stake in shares of McCormick & Company, Incorporated by 41.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,359,068 shares of the company’s stock valued at $366,667,000 after buying an additional 1,577,636 shares in the last quarter. Alecta Tjanstepension Omsesidigt acquired a new position in McCormick & Company, Incorporated during the fourth quarter worth $92,340,000. Nuance Investments LLC purchased a new position in McCormick & Company, Incorporated in the first quarter worth $73,160,000. Finally, Vanguard Group Inc. lifted its holdings in McCormick & Company, Incorporated by 2.9% in the first quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock valued at $2,390,261,000 after acquiring an additional 883,327 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

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.