McCormick & Company, Incorporated (NYSE:MKC) Receives $84.75 Average Target Price from Brokerages

McCormick & Company, Incorporated (NYSE:MKC) has received an average recommendation of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $84.25.

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $69.00 to $83.00 in a research note on Wednesday, August 20th. Citigroup cut their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 17th. UBS Group dropped their price objective on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday. Wall Street Zen raised shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Stifel Nicolaus dropped their price objective on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a “hold” rating on the stock in a research note on Tuesday, July 29th.

McCormick & Company, Incorporated Price Performance

MKC stock opened at $72.2360 on Friday. The firm’s 50-day moving average price is $72.18 and its two-hundred day moving average price is $75.40. McCormick & Company, Incorporated has a 12-month low of $68.23 and a 12-month high of $86.24. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 3.47 and a beta of 0.66. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. As a group, equities analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 annualized dividend and a yield of 2.5%. McCormick & Company, Incorporated’s payout ratio is presently 62.50%.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several hedge funds have recently bought and sold shares of MKC. Norges Bank bought a new stake in McCormick & Company, Incorporated during the second quarter worth about $249,087,000. Alyeska Investment Group L.P. raised its holdings in McCormick & Company, Incorporated by 1,360.5% in the first quarter. Alyeska Investment Group L.P. now owns 1,575,104 shares of the company’s stock worth $129,647,000 after buying an additional 1,467,254 shares during the last quarter. Select Equity Group L.P. purchased a new position in McCormick & Company, Incorporated in the fourth quarter worth about $104,863,000. Invesco Ltd. raised its holdings in McCormick & Company, Incorporated by 44.9% in the second quarter. Invesco Ltd. now owns 3,737,793 shares of the company’s stock worth $283,399,000 after buying an additional 1,158,423 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in McCormick & Company, Incorporated by 28.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company’s stock worth $340,406,000 after buying an additional 920,618 shares during the last quarter. Institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

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.