MCCORMICK & CO /SH (NYSE:MKC) Hits New 52-Week High at $171.77

Shares of MCCORMICK & CO /SH NV (NYSE:MKC) hit a new 52-week high on Wednesday . The stock traded as high as $171.77 and last traded at $170.78, with a volume of 77818 shares. The stock had previously closed at $170.84.

A number of equities research analysts have recently weighed in on MKC shares. JPMorgan Chase & Co. downgraded MCCORMICK & CO /SH from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $154.00 to $150.00 in a research note on Tuesday, August 20th. Credit Suisse Group lifted their price target on MCCORMICK & CO /SH from $150.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, ValuEngine cut MCCORMICK & CO /SH from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $154.86.

The firm has a market cap of $22.50 billion, a P/E ratio of 34.39, a P/E/G ratio of 3.93 and a beta of 0.13. The business’s fifty day moving average price is $163.17 and its two-hundred day moving average price is $160.63. The company has a current ratio of 0.78, a quick ratio of 0.37 and a debt-to-equity ratio of 1.10.

MCCORMICK & CO /SH (NYSE:MKC) last released its quarterly earnings data on Tuesday, October 1st. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.17. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.34 billion. MCCORMICK & CO /SH had a net margin of 13.12% and a return on equity of 21.63%. MCCORMICK & CO /SH’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 EPS. Research analysts predict that MCCORMICK & CO /SH NV will post 5.38 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Tuesday, December 31st will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.45%. This is an increase from MCCORMICK & CO /SH’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, December 30th. MCCORMICK & CO /SH’s dividend payout ratio (DPR) is presently 45.88%.

In other news, VP Lisa Manzone sold 2,800 shares of MCCORMICK & CO /SH stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $167.05, for a total value of $467,740.00. Following the transaction, the vice president now owns 11,260 shares of the company’s stock, valued at $1,880,983. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael Aaron Conway sold 5,000 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $168.59, for a total transaction of $842,950.00. Following the completion of the sale, the director now owns 9,501 shares of the company’s stock, valued at $1,601,773.59. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of MKC. Vanguard Group Inc. grew its position in shares of MCCORMICK & CO /SH by 1.6% in the second quarter. Vanguard Group Inc. now owns 14,406,576 shares of the company’s stock valued at $2,233,164,000 after purchasing an additional 231,324 shares during the last quarter. State Street Corp boosted its stake in MCCORMICK & CO /SH by 1.3% during the 3rd quarter. State Street Corp now owns 6,810,527 shares of the company’s stock valued at $1,064,485,000 after purchasing an additional 85,607 shares during the period. Janus Henderson Group PLC grew its holdings in MCCORMICK & CO /SH by 7.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,454,501 shares of the company’s stock valued at $225,454,000 after buying an additional 102,387 shares during the last quarter. Invesco Ltd. grew its holdings in MCCORMICK & CO /SH by 53.2% in the 2nd quarter. Invesco Ltd. now owns 1,404,090 shares of the company’s stock valued at $217,649,000 after buying an additional 487,834 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of MCCORMICK & CO /SH by 8.6% during the third quarter. California Public Employees Retirement System now owns 998,594 shares of the company’s stock worth $156,080,000 after buying an additional 79,141 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

About MCCORMICK & CO /SH (NYSE:MKC)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

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