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
Several research firms have weighed in on MKC. Argus downgraded shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Wednesday, July 6th. Deutsche Bank Aktiengesellschaft decreased 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. Finally, TheStreet downgraded shares of McCormick & Company, Incorporated from a "b" rating to a "c+" rating in a research note on Wednesday, June 15th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, McCormick & Company, Incorporated has an average rating of "Hold" and a consensus price target of $99.00.
McCormick & Company, Incorporated Stock Up 1.0 %
Shares of NYSE:MKC traded up $0.85 during midday trading on Monday, hitting $89.18. 843,707 shares of the company's stock were exchanged, compared to its average volume of 1,378,888. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.74 and a quick ratio of 0.31. The stock has a 50 day moving average price of $85.53 and a 200-day moving average price of $93.97. The company has a market cap of $23.93 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 5.50 and a beta of 0.50. McCormick & Company, Incorporated has a 12 month low of $77.85 and a 12 month high of $107.35.
McCormick & Company, Incorporated (NYSE:MKC - Get Rating) last posted 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). The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 16.48% and a net margin of 10.78%. The company's revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 earnings per share. On average, sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.02 EPS for the current fiscal year.
McCormick & Company, Incorporated Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 25th. Investors of record on Monday, July 11th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.66%. The ex-dividend date was Friday, July 8th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 58.50%.
Insider Buying and Selling
In related news, Director Margaret M. V. Preston sold 10,580 shares of the business's stock in a transaction dated Wednesday, June 29th. The shares were sold at an average price of $84.44, for a total transaction of $893,375.20. Following the transaction, the director now directly owns 12,660 shares in the company, valued at $1,069,010.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.90% of the stock is owned by corporate insiders.