McCormick & Company, Incorporated (NYSE:MKC) Hits New 1-Year Low – Here’s Why

McCormick & Company, Incorporated (NYSE:MKC) shares reached a new 52-week low on Thursday . The company traded as low as $63.14 and last traded at $63.2120, with a volume of 945974 shares trading hands. The stock had previously closed at $64.12.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MKC. Weiss Ratings reissued a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a report on Tuesday, October 14th. Sanford C. Bernstein lowered their price target on McCormick & Company, Incorporated from $102.00 to $93.00 and set an “outperform” rating on the stock in a report on Wednesday, October 8th. Jefferies Financial Group cut their price objective on shares of McCormick & Company, Incorporated from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Stifel Nicolaus decreased their target price on shares of McCormick & Company, Incorporated from $76.00 to $71.00 and set a “hold” rating for the company in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating on the stock in a research report on Thursday, September 25th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $78.22.

McCormick & Company, Incorporated Trading Down 1.0%

The company has a quick ratio of 0.29, a current ratio of 0.71 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $17.03 billion, a P/E ratio of 21.91, a PEG ratio of 4.60 and a beta of 0.62. The firm’s 50-day simple moving average is $66.16 and its 200 day simple moving average is $69.64.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. McCormick & Company, Incorporated had a net margin of 11.46% and a return on equity of 14.30%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the company posted $0.83 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. Equities research analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Monday, December 29th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a $1.92 annualized dividend and a dividend yield of 3.0%. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.45. McCormick & Company, Incorporated’s dividend payout ratio is 62.28%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, CEO Brendan M. Foley sold 57,144 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $65.56, for a total transaction of $3,746,360.64. Following the sale, the chief executive officer directly owned 108,652 shares of the company’s stock, valued at $7,123,225.12. The trade was a 34.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Lawrence Erik Kurzius sold 39,014 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $64.54, for a total transaction of $2,517,963.56. The disclosure for this sale is available in the SEC filing. Insiders have sold 146,158 shares of company stock worth $9,557,324 over the last ninety days. 23.80% of the stock is owned by insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several large investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. raised its position in shares of McCormick & Company, Incorporated by 4.8% during the second quarter. SBI Securities Co. Ltd. now owns 3,239 shares of the company’s stock valued at $246,000 after buying an additional 148 shares during the last quarter. Rafferty Asset Management LLC grew its stake in McCormick & Company, Incorporated by 0.7% during the third quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company’s stock valued at $1,443,000 after acquiring an additional 157 shares in the last quarter. Raab & Moskowitz Asset Management LLC increased its holdings in McCormick & Company, Incorporated by 5.0% in the 1st quarter. Raab & Moskowitz Asset Management LLC now owns 3,506 shares of the company’s stock valued at $289,000 after acquiring an additional 167 shares during the last quarter. Horizon Investments LLC increased its holdings in McCormick & Company, Incorporated by 5.0% in the 1st quarter. Horizon Investments LLC now owns 3,621 shares of the company’s stock valued at $296,000 after acquiring an additional 173 shares during the last quarter. Finally, ORG Partners LLC lifted its stake in McCormick & Company, Incorporated by 13.2% in the 2nd quarter. ORG Partners LLC now owns 1,484 shares of the company’s stock worth $115,000 after purchasing an additional 173 shares in the last quarter. Institutional investors 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.