McCormick & Co. (MKC) Rating Lowered to Hold at Zacks Investment Research
Other research analysts also recently issued research reports about the stock. Deutsche Bank AG reiterated a buy rating and issued a $113.00 target price (up previously from $110.00) on shares of McCormick & Co. in a research note on Sunday, June 26th. Citigroup Inc. reissued a neutral rating on shares of McCormick & Co. in a report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $97.24.
McCormick & Co. (NYSE:MKC) opened at 96.38 on Wednesday. The firm has a 50-day moving average of $100.46 and a 200 day moving average of $99.05. The company has a market capitalization of $12.21 billion, a P/E ratio of 28.58 and a beta of 0.48. McCormick & Co. has a one year low of $77.65 and a one year high of $107.84.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Thursday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. The firm had revenue of $1.06 billion for the quarter. McCormick & Co. had a net margin of 9.96% and a return on equity of 26.08%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.75 EPS. On average, equities analysts forecast that McCormick & Co. will post $3.75 EPS for the current fiscal year.
In other McCormick & Co. news, Director Patricia A. Little sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $107.22, for a total transaction of $402,075.00. Following the completion of the sale, the director now directly owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the sale, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Royal London Asset Management Ltd. boosted its stake in shares of McCormick & Co. by 4.9% in the fourth quarter. Royal London Asset Management Ltd. now owns 41,298 shares of the company’s stock worth $3,577,000 after buying an additional 1,928 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of McCormick & Co. by 2.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 57,660 shares of the company’s stock worth $4,933,000 after buying an additional 1,470 shares in the last quarter. Norges Bank acquired a new stake in shares of McCormick & Co. during the fourth quarter worth approximately $84,307,000. Creative Planning boosted its stake in shares of McCormick & Co. by 3.7% in the first quarter. Creative Planning now owns 15,766 shares of the company’s stock worth $1,568,000 after buying an additional 559 shares in the last quarter. Finally, DnB Asset Management AS acquired a new stake in shares of McCormick & Co. during the first quarter worth approximately $1,096,000. 72.41% of the stock is owned by institutional investors and hedge funds.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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