McCormick & Co. (MKC) Declares Quarterly Dividend of $0.47
McCormick & Co. (NYSE:MKC) declared a quarterly dividend on Tuesday, November 29th. Stockholders of record on Friday, December 30th will be given a dividend of 0.47 per share on Tuesday, January 17th. This represents a $1.88 annualized dividend and a dividend yield of 2.02%. This is a boost from McCormick & Co.’s previous quarterly dividend of $0.43.
McCormick & Co. (NYSE:MKC) traded up 0.81% on Tuesday, hitting $93.13. 551,432 shares of the stock traded hands. The company has a market capitalization of $11.74 billion, a PE ratio of 25.71 and a beta of 0.50. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The firm has a 50-day moving average price of $93.68 and a 200-day moving average price of $98.63.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings data on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The firm had revenue of $1.09 billion for the quarter. During the same period in the previous year, the firm earned $0.85 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts forecast that McCormick & Co. will post $3.79 earnings per share for the current year.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total transaction of $188,300.00. Following the completion of the sale, the director now directly owns 38,442 shares in the company, valued at approximately $3,619,314.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 13.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its position in McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock valued at $111,000 after buying an additional 237 shares in the last quarter. Pacer Advisors Inc. boosted its position in McCormick & Co. by 8.4% in the second quarter. Pacer Advisors Inc. now owns 1,953 shares of the company’s stock valued at $208,000 after buying an additional 152 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in McCormick & Co. during the second quarter valued at about $232,000. Bank of Nova Scotia boosted its position in McCormick & Co. by 5.5% in the second quarter. Bank of Nova Scotia now owns 2,298 shares of the company’s stock valued at $245,000 after buying an additional 120 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its position in McCormick & Co. by 3.3% in the second quarter. Wetherby Asset Management Inc. now owns 2,321 shares of the company’s stock valued at $248,000 after buying an additional 74 shares in the last quarter. Hedge funds and other institutional investors own 72.26% of the company’s stock.
A number of research analysts have recently issued reports on MKC shares. Zacks Investment Research downgraded shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Sanford C. Bernstein downgraded shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Deutsche Bank AG cut their price objective on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, September 23rd. Jefferies Group lowered their target price on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, October 12th. Finally, Credit Suisse Group AG upgraded shares of McCormick & Co. from a “neutral” rating to an “outperform” rating and set a $111.00 target price for the company in a research note on Tuesday, October 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. McCormick & Co. currently has an average rating of “Hold” and an average price target of $100.11.
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McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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