MCCORMICK & CO /SH (MKC) Sets New 12-Month High at $127.45

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MCCORMICK & CO /SH NV (NYSE:MKC) shares hit a new 52-week high on Wednesday . The company traded as high as $127.45 and last traded at $127.50, with a volume of 26226 shares traded. The stock had previously closed at $126.06.

A number of brokerages have weighed in on MKC. Vertical Group downgraded shares of MCCORMICK & CO /SH from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. They noted that the move was a valuation call. Citigroup upped their price objective on shares of MCCORMICK & CO /SH from $114.00 to $117.00 and gave the stock a “neutral” rating in a research report on Friday, June 29th. ValuEngine upgraded shares of MCCORMICK & CO /SH from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $123.00 price objective on shares of MCCORMICK & CO /SH in a research report on Thursday, June 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. MCCORMICK & CO /SH currently has an average rating of “Hold” and an average price target of $114.25.

The stock has a market capitalization of $16.39 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.80 and a beta of 0.55. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.42 and a current ratio of 0.85.

MCCORMICK & CO /SH (NYSE:MKC) last released its quarterly earnings results on Thursday, June 28th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.09. MCCORMICK & CO /SH had a net margin of 15.83% and a return on equity of 21.98%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. research analysts expect that MCCORMICK & CO /SH NV will post 4.96 earnings per share for the current fiscal year.

In related news, VP Michael R. Smith sold 8,000 shares of the company’s stock in a transaction dated Monday, July 9th. The shares were sold at an average price of $119.90, for a total transaction of $959,200.00. Following the completion of the transaction, the vice president now owns 22,759 shares in the company, valued at approximately $2,728,804.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Alan D. Wilson sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $125.30, for a total transaction of $12,530,000.00. Following the transaction, the director now owns 212,894 shares of the company’s stock, valued at approximately $26,675,618.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 266,600 shares of company stock valued at $30,935,200. Insiders own 19.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Putnam Investments LLC grew its stake in MCCORMICK & CO /SH by 23.6% during the 2nd quarter. Putnam Investments LLC now owns 2,567,422 shares of the company’s stock valued at $298,052,000 after acquiring an additional 489,488 shares in the last quarter. FMR LLC grew its stake in MCCORMICK & CO /SH by 89.1% during the 2nd quarter. FMR LLC now owns 916,815 shares of the company’s stock valued at $106,433,000 after acquiring an additional 431,896 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in MCCORMICK & CO /SH during the 1st quarter valued at about $45,205,000. Robeco Institutional Asset Management B.V. grew its stake in MCCORMICK & CO /SH by 180.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 562,773 shares of the company’s stock valued at $65,333,000 after acquiring an additional 361,921 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its stake in MCCORMICK & CO /SH by 3,470.6% during the 2nd quarter. Glenmede Trust Co. NA now owns 352,453 shares of the company’s stock valued at $40,917,000 after acquiring an additional 342,582 shares in the last quarter. Hedge funds and other institutional investors own 82.66% of the company’s stock.

About MCCORMICK & CO /SH (NYSE:MKC)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

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