Bank of America Boosts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $95.00

McCormick & Company, Incorporated (NYSE:MKC) had its target price upped by Bank of America from $86.00 to $95.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. TD Cowen lowered their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a research report on Monday, June 24th. Citigroup raised shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and boosted their price objective for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of Hold and an average target price of $77.38.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $83.35 on Tuesday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The company has a market capitalization of $22.39 billion, a price-to-earnings ratio of 30.42, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The firm’s fifty day moving average price is $78.47 and its 200 day moving average price is $74.25.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, research analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is 61.31%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 22.90% of the stock is currently owned by company insiders.

Institutional Trading of McCormick & Company, Incorporated

A number of institutional investors have recently made changes to their positions in MKC. Norges Bank bought a new stake in shares of McCormick & Company, Incorporated in the 4th quarter worth approximately $160,999,000. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of McCormick & Company, Incorporated by 46.6% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,346 shares of the company’s stock worth $776,000 after purchasing an additional 3,607 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of McCormick & Company, Incorporated by 49.0% in the 4th quarter. Clearbridge Investments LLC now owns 826,433 shares of the company’s stock worth $56,545,000 after purchasing an additional 271,778 shares in the last quarter. Sachetta LLC bought a new stake in shares of McCormick & Company, Incorporated in the 4th quarter worth approximately $213,000. Finally, Corient Private Wealth LLC raised its holdings in shares of McCormick & Company, Incorporated by 14.4% in the 4th quarter. Corient Private Wealth LLC now owns 677,195 shares of the company’s stock worth $46,334,000 after purchasing an additional 85,242 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

About McCormick & Company, Incorporated

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