McCormick & Company, Incorporated (NYSE:MKC) Sees Large Increase in Short Interest

McCormick & Company, Incorporated (NYSE:MKC) saw a large increase in short interest in September. As of September 30th, there was short interest totalling 2,970,000 shares, an increase of 26.4% from the September 15th total of 2,350,000 shares. Based on an average trading volume of 527,100 shares, the days-to-cover ratio is currently 5.6 days.

MKC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on McCormick & Company, Incorporated from $156.00 to $182.00 and gave the stock a “hold” rating in a research report on Friday, June 26th. Argus initiated coverage on McCormick & Company, Incorporated in a research report on Thursday, September 24th. They set a “buy” rating and a $215.00 target price for the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of McCormick & Company, Incorporated in a research report on Thursday, October 1st. Finally, Credit Suisse Group raised their target price on McCormick & Company, Incorporated from $187.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $161.55.

In related news, Director Jacques Tapiero sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $199.49, for a total transaction of $997,450.00. Following the sale, the director now owns 9,433 shares of the company’s stock, valued at approximately $1,881,789.17. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.00% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Sound Income Strategies LLC bought a new stake in McCormick & Company, Incorporated in the 2nd quarter valued at about $27,000. Kore Private Wealth LLC increased its position in McCormick & Company, Incorporated by 68.5% in the 2nd quarter. Kore Private Wealth LLC now owns 182 shares of the company’s stock valued at $32,000 after buying an additional 74 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in McCormick & Company, Incorporated by 88.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 183 shares of the company’s stock valued at $33,000 after buying an additional 86 shares in the last quarter. Nachman Norwood & Parrott Inc bought a new stake in McCormick & Company, Incorporated in the 3rd quarter valued at about $43,000. Finally, Costello Asset Management INC bought a new stake in McCormick & Company, Incorporated in the 2nd quarter valued at about $43,000. 74.90% of the stock is owned by institutional investors and hedge funds.

Shares of MKC stock traded up $0.24 during mid-day trading on Friday, hitting $199.39. The company’s stock had a trading volume of 404,492 shares, compared to its average volume of 773,189. The company’s fifty day simple moving average is $197.06 and its 200-day simple moving average is $180.11. McCormick & Company, Incorporated has a 52 week low of $112.22 and a 52 week high of $211.07. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.42 and a current ratio of 0.90. The company has a market cap of $26.60 billion, a PE ratio of 35.23, a P/E/G ratio of 6.35 and a beta of 0.43.

McCormick & Company, Incorporated’s stock is set to split on the morning of Tuesday, December 1st. The 2-1 split was announced on Tuesday, September 29th. The newly created shares will be distributed to shareholders after the closing bell on Monday, November 30th.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Monday, October 5th. The company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.52 by $0.01. McCormick & Company, Incorporated had a return on equity of 20.93% and a net margin of 13.75%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the company posted $1.46 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts anticipate that McCormick & Company, Incorporated will post 5.72 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 19th. Investors of record on Monday, October 5th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, October 2nd. McCormick & Company, Incorporated’s payout ratio is 46.36%.

McCormick & Company, Incorporated Company Profile

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

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