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. This segment markets its products under the McCormick, French's, Frank's RedHot, Lawry's Cholula Hot Sauce, Gourmet Garden, Club House, and OLD BAY brands in the Americas; Ducros, Schwartz, Kamis, and Drogheria & Alimentari, and Vahiné brands in Europe, the Middle East, and Africa; McCormick and DaQiao brands in China; and McCormick, Aeroplane, and Gourmet Garden brands in Australia, as well as markets regional and ethnic brands, such as Zatarain's, Stubb's, Thai Kitchen, and Simply Asia. It also supplies its products under the private labels. This segment serves retailers comprising grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce retailers directly and indirectly through distributors and wholesale foodservice suppliers. The Flavor Solutions segment offers seasoning blends, spices and herbs, condiments, coating systems, and compound flavors to multinational food manufacturers and foodservice customers. It serves foodservice customers directly and indirectly through distributors. The company was founded in 1889 and is headquartered in Hunt Valley, Maryland.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on MKC. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McCormick & Company, Incorporated from $91.00 to $85.00 and set a "hold" rating for the company in a research note on Thursday, June 30th. Argus lowered shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Wednesday, July 6th. Finally, TheStreet lowered shares of McCormick & Company, Incorporated from a "b" rating to a "c+" rating in a research note on Wednesday, June 15th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $99.00.
McCormick & Company, Incorporated Price Performance
MKC Stock traded down $0.52 on Friday, hitting $91.55. 6,544 shares of the company's stock traded hands, compared to its average volume of 1,003,622. McCormick & Company, Incorporated has a 1-year low of $77.85 and a 1-year high of $107.35. The stock has a market cap of $24.56 billion, a price-to-earnings ratio of 36.39, a P/E/G ratio of 5.77 and a beta of 0.50. The stock has a fifty day moving average of $85.70 and a 200-day moving average of $93.73. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.85.
McCormick & Company, Incorporated (NYSE:MKC - Get Rating) last released its earnings results on Wednesday, June 29th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.17). McCormick & Company, Incorporated had a net margin of 10.78% and a return on equity of 16.48%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the company earned $0.69 earnings per share. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts forecast that McCormick & Company, Incorporated will post 3.01 EPS for the current fiscal year.
McCormick & Company, Incorporated Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, July 11th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, July 8th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.62%. McCormick & Company, Incorporated's dividend payout ratio is currently 58.50%.
Insider Activity
In other news, Director Margaret M. V. Preston sold 10,580 shares of the business's stock in a transaction that occurred on Wednesday, June 29th. The shares were sold at an average price of $84.44, for a total transaction of $893,375.20. Following the sale, the director now owns 12,660 shares in the company, valued at $1,069,010.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.90% of the stock is owned by company insiders.