McCormick & Company, Incorporated (NYSE:MKC) Sets New 1-Year Low – What’s Next?

McCormick & Company, Incorporated (NYSE:MKC) shares hit a new 52-week low during trading on Monday . The company traded as low as $47.26 and last traded at $47.2460, with a volume of 703312 shares. The stock had previously closed at $48.32.

Wall Street Analyst Weigh In

MKC has been the subject of a number of recent research reports. Sanford C. Bernstein decreased their price objective on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating for the company in a report on Tuesday, March 24th. UBS Group decreased their price objective on McCormick & Company, Incorporated from $67.00 to $59.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Deutsche Bank Aktiengesellschaft decreased their price objective on McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating for the company in a report on Monday, March 30th. BNP Paribas Exane cut their target price on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Finally, TD Cowen cut their target price on McCormick & Company, Incorporated from $75.00 to $64.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and a consensus target price of $64.27.

McCormick & Company, Incorporated Price Performance

The business has a 50 day moving average price of $54.04 and a two-hundred day moving average price of $62.17. The stock has a market cap of $12.24 billion, a PE ratio of 7.47, a P/E/G ratio of 2.30 and a beta of 0.68. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. Research analysts expect that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated’s payout ratio is presently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $71.63, for a total value of $3,581,500.00. Following the transaction, the insider owned 296,992 shares in the company, valued at approximately $21,273,536.96. This represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gavin Hattersley acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was purchased at an average price of $52.98 per share, for a total transaction of $105,960.00. Following the purchase, the director owned 2,906 shares of the company’s stock, valued at $153,959.88. The trade was a 220.75% increase in their position. The disclosure for this purchase is available in the SEC filing. 10.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Several institutional investors have recently bought and sold shares of MKC. Rafferty Asset Management LLC increased its stake in shares of McCormick & Company, Incorporated by 0.7% during the 3rd quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company’s stock worth $1,443,000 after purchasing an additional 157 shares in the last quarter. Ransom Advisory Ltd boosted its position in McCormick & Company, Incorporated by 3.6% during the fourth quarter. Ransom Advisory Ltd now owns 4,625 shares of the company’s stock worth $315,000 after acquiring an additional 160 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its position in McCormick & Company, Incorporated by 67.8% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock worth $28,000 after acquiring an additional 164 shares during the last quarter. Glen Eagle Advisors LLC boosted its position in McCormick & Company, Incorporated by 42.5% during the fourth quarter. Glen Eagle Advisors LLC now owns 570 shares of the company’s stock worth $39,000 after acquiring an additional 170 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in McCormick & Company, Incorporated by 10.5% during the fourth quarter. Van ECK Associates Corp now owns 1,795 shares of the company’s stock worth $122,000 after acquiring an additional 171 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private?label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.