McCormick & Company, Incorporated (NYSE:MKC) Sets New 52-Week Low – What’s Next?

McCormick & Company, Incorporated (NYSE:MKC) hit a new 52-week low on Tuesday . The stock traded as low as $47.30 and last traded at $48.22, with a volume of 402175 shares changing hands. The stock had previously closed at $48.02.

Analyst Ratings Changes

Several analysts recently issued reports on the company. UBS Group dropped their target price on McCormick & Company, Incorporated from $67.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. BNP Paribas Exane decreased their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Zacks Research raised McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. dropped their price objective on McCormick & Company, Incorporated from $67.00 to $64.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Finally, Deutsche Bank Aktiengesellschaft cut 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. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Performance

The company has a market capitalization of $12.87 billion, a P/E ratio of 7.85, a PEG ratio of 2.38 and a beta of 0.68. The stock’s fifty day moving average price is $55.38 and its 200-day moving average price is $62.60. 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 posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.McCormick & Company, Incorporated’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. As a group, research analysts anticipate that McCormick & Company, Incorporated will post 3.09 EPS 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. Investors of record on Monday, April 20th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. McCormick & Company, Incorporated’s payout ratio is presently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were acquired 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 in the company, valued at approximately $153,959.88. The trade was a 220.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $67.92, for a total value of $339,600.00. Following the sale, the director directly owned 43,029 shares of the company’s stock, valued at $2,922,529.68. This represents a 10.41% decrease in their position. The SEC filing for this sale provides additional information. 10.60% of the stock is owned by company insiders.

Institutional Trading of McCormick & Company, Incorporated

Several hedge funds and other institutional investors have recently modified their holdings of MKC. GoalVest Advisory LLC acquired a new stake in McCormick & Company, Incorporated during the fourth quarter worth approximately $28,000. Deseret Mutual Benefit Administrators grew its position in shares of McCormick & Company, Incorporated by 67.8% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock valued at $28,000 after purchasing an additional 164 shares during the last quarter. Motiv8 Investments LLC acquired a new position in shares of McCormick & Company, Incorporated in the fourth quarter valued at approximately $28,000. Zions Bancorporation National Association UT increased its stake in shares of McCormick & Company, Incorporated by 340.0% during the fourth quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock worth $31,000 after purchasing an additional 357 shares during the period. Finally, SouthState Bank Corp increased its stake in shares of McCormick & Company, Incorporated by 1,777.8% during the third quarter. SouthState Bank Corp now owns 507 shares of the company’s stock worth $34,000 after purchasing an additional 480 shares during the period. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

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.