McCormick & Company, Incorporated (NYSE:MKC) Stock Has Average Price Target of $59.80 According to Brokerages

Shares of McCormick & Company, Incorporated (NYSE:MKC) have been given a consensus recommendation of “Hold” by the thirteen research firms that are currently covering the firm, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $59.80.

Several research analysts have recently commented on the company. Jefferies Financial Group cut their price objective on McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, June 4th. JPMorgan Chase & Co. lowered their target price on shares of McCormick & Company, Incorporated from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, September 18th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of McCormick & Company, Incorporated from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, September 21st. Barclays cut their price target on shares of McCormick & Company, Incorporated from $57.00 to $55.00 and set an “equal weight” rating for the company in a research note on Friday, June 26th. Finally, UBS Group increased their price target on shares of McCormick & Company, Incorporated from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, June 26th.

Insider Buying and Selling

In related news, major shareholder Lawrence Kurzius sold 205,538 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $52.69, for a total value of $10,829,797.22. Following the transaction, the insider owned 296,992 shares of the company’s stock, valued at $15,648,508.48. This represents a 40.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its stake in shares of McCormick & Company, Incorporated by 60.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,659,766 shares of the company’s stock valued at $113,047,000 after acquiring an additional 628,390 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in McCormick & Company, Incorporated by 10.4% during the 4th quarter. Hsbc Holdings PLC now owns 500,292 shares of the company’s stock valued at $34,086,000 after acquiring an additional 47,119 shares during the period. Investors Research Corp bought a new position in McCormick & Company, Incorporated during the 2nd quarter worth approximately $1,152,000. Eurizon Capital SGR S.p.A. bought a new position in McCormick & Company, Incorporated during the 4th quarter worth approximately $4,883,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in McCormick & Company, Incorporated in the 1st quarter worth approximately $11,882,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $48.43 on Friday. The firm has a market capitalization of $13.02 billion, a P/E ratio of 8.06, a P/E/G ratio of 1.93 and a beta of 0.64. The company has a quick ratio of 0.39, a current ratio of 0.78 and a debt-to-equity ratio of 0.48. The stock’s 50-day simple moving average is $52.16 and its two-hundred day simple moving average is $51.04. McCormick & Company, Incorporated has a twelve month low of $44.82 and a twelve month high of $72.41.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Tuesday, October 13th will be given a $0.48 dividend. The ex-dividend date is Tuesday, October 13th. This represents a $1.92 annualized dividend and a yield of 4.0%. McCormick & Company, Incorporated’s payout ratio is 31.95%.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE:MKC) is a global food company that manufactures, markets and distributes spices, herbs, seasonings, condiments, sauces and other flavoring products. Its portfolio serves both retail consumers and foodservice customers, while its flavor solutions business supplies seasoning blends, natural flavors and other ingredients to food manufacturers and restaurant operators.

The company’s consumer brands include McCormick, French’s, Frank’s RedHot, Lawry’s, Old Bay and Gourmet Garden, among others.