Citigroup Cuts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $77.00

McCormick & Company, Incorporated (NYSE:MKC) had its target price lowered by Citigroup from $80.00 to $77.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued reports about the stock. Argus downgraded shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. UBS Group initiated coverage on shares of McCormick & Company, Incorporated in a report on Monday. They set a “neutral” rating and a $83.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $84.13.

McCormick & Company, Incorporated Price Performance

Shares of McCormick & Company, Incorporated stock opened at $73.15 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.65 and a quick ratio of 0.25. McCormick & Company, Incorporated has a fifty-two week low of $66.88 and a fifty-two week high of $86.24. The firm has a fifty day moving average price of $74.40 and a two-hundred day moving average price of $76.86. The company has a market cap of $19.62 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 3.68 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). McCormick & Company, Incorporated had a net margin of 11.67% and a return on equity of 14.63%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company earned $0.63 earnings per share. McCormick & Company, Incorporated’s revenue for the quarter was up .2% on a year-over-year basis. Analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Monday, April 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.86%.

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $81.81, for a total transaction of $4,090,500.00. Following the completion of the sale, the director now owns 247,437 shares in the company, valued at $20,242,820.97. This trade represents a 16.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $76.38, for a total transaction of $583,695.96. The disclosure for this sale can be found here. Insiders sold 60,392 shares of company stock worth $4,898,101 in the last quarter. 23.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MKC. Capital Analysts LLC acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at about $26,000. Zions Bancorporation National Association UT bought a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at about $28,000. Curio Wealth LLC bought a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $30,000. Wayfinding Financial LLC bought a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at about $30,000. Finally, Salem Investment Counselors Inc. boosted its stake in shares of McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company’s stock valued at $32,000 after purchasing an additional 336 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.