McCormick & Co. (MKC) Cut to “Market Perform” at Sanford C. Bernstein
Sanford C. Bernstein downgraded shares of McCormick & Co. (NYSE:MKC) from an outperform rating to a market perform rating in a report published on Friday morning. Sanford C. Bernstein currently has $104.00 price objective on the stock, down from their previous price objective of $113.00. The analysts noted that the move was a valuation call.
MKC has been the subject of a number of other reports. Zacks Investment Research lowered shares of McCormick & Co. from a buy rating to a hold rating in a report on Thursday, August 4th. Deutsche Bank AG reaffirmed a hold rating and set a $110.00 price target (up from $105.00) on shares of McCormick & Co. in a report on Friday, June 24th. Finally, Citigroup Inc. reaffirmed a neutral rating on shares of McCormick & Co. in a report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. McCormick & Co. presently has a consensus rating of Hold and a consensus price target of $97.24.
Shares of McCormick & Co. (NYSE:MKC) opened at 96.47 on Friday. The stock’s 50 day moving average is $100.15 and its 200-day moving average is $99.05. The firm has a market cap of $12.22 billion, a P/E ratio of 28.61 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 released its quarterly earnings results on Thursday, June 30th. The company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.01. The business earned $1.06 billion during the quarter. McCormick & Co. had a net margin of 9.96% and a return on equity of 26.08%. McCormick & Co.’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 earnings per share. Analysts anticipate that McCormick & Co. will post $3.75 EPS for the current fiscal year.
In related news, Director Patricia A. Little sold 3,750 shares of McCormick & Co. stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $107.22, for a total value of $402,075.00. Following the sale, the director now directly owns 13,227 shares in the company, valued at approximately $1,418,198.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 94,012 shares in the company, valued at $9,887,242.04. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Virginia Retirement System purchased a new stake in shares of McCormick & Co. during the first quarter valued at $6,594,000. Mn Services Vermogensbeheer B.V. purchased a new stake in shares of McCormick & Co. during the first quarter valued at $251,000. Aperio Group LLC increased its stake in shares of McCormick & Co. by 13.7% in the first quarter. Aperio Group LLC now owns 121,226 shares of the company’s stock valued at $12,060,000 after buying an additional 14,633 shares in the last quarter. Douglas Lane & Associates LLC purchased a new stake in shares of McCormick & Co. during the first quarter valued at $1,612,000. Finally, PGGM Investments increased its stake in shares of McCormick & Co. by 5.1% in the first quarter. PGGM Investments now owns 99,069 shares of the company’s stock valued at $9,855,000 after buying an additional 4,826 shares in the last quarter. Hedge funds and other institutional investors own 72.48% of the company’s stock.
McCormick & Co. Company Profile
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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