McCormick & Company, Incorporated (NYSE:MKC) Hits New 12-Month Low - Here's Why

Key Points

• McCormick & Company, Incorporated's stock hit a new 52-week low, trading as low as $69.84, with the last price at $70.29.
• Analysts have varied views on the stock, with one sell rating, six hold ratings, three buy ratings, and a consensus target price of $83.00.
• The company declared a quarterly dividend of $0.45, representing an annualized yield of 2.6%, and has a dividend payout ratio of 62.50%.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) shares hit a new 52-week low on Friday . The stock traded as low as $69.84 and last traded at $70.29, with a volume of 305105 shares. The stock had previously closed at $70.63.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MKC shares. UBS Group started coverage on shares of McCormick & Company, Incorporated in a research report on Monday, June 16th. They issued a "neutral" rating and a $83.00 price objective on the stock. Stifel Nicolaus dropped their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research report on Tuesday, July 29th. Citigroup decreased their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research note on Tuesday, June 17th. Finally, Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, McCormick & Company, Incorporated has an average rating of "Hold" and a consensus target price of $83.00.

McCormick & Company, Incorporated Price Performance

The stock's fifty day moving average price is $73.24 and its 200-day moving average price is $76.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. The firm has a market cap of $18.87 billion, a PE ratio of 24.41, a P/E/G ratio of 3.38 and a beta of 0.66.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.04. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the firm posted $0.69 EPS. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 62.50%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $76.38, for a total transaction of $583,695.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 23.80% of the company's stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of hedge funds and other institutional investors have recently modified their holdings of the company. EagleClaw Capital Managment LLC grew its holdings in shares of McCormick & Company, Incorporated by 0.4% during the first quarter. EagleClaw Capital Managment LLC now owns 36,670 shares of the company's stock worth $3,018,000 after buying an additional 135 shares in the last quarter. Sage Capital Advisors llc grew its holdings in shares of McCormick & Company, Incorporated by 2.8% during the first quarter. Sage Capital Advisors llc now owns 5,017 shares of the company's stock worth $413,000 after buying an additional 137 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of McCormick & Company, Incorporated by 0.3% during the fourth quarter. Bessemer Group Inc. now owns 43,002 shares of the company's stock worth $3,278,000 after buying an additional 139 shares in the last quarter. ST Germain D J Co. Inc. grew its holdings in shares of McCormick & Company, Incorporated by 1.8% during the first quarter. ST Germain D J Co. Inc. now owns 7,810 shares of the company's stock worth $643,000 after buying an additional 140 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its holdings in shares of McCormick & Company, Incorporated by 1.3% during the first quarter. Miracle Mile Advisors LLC now owns 11,078 shares of the company's stock worth $912,000 after buying an additional 146 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

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.