McCormick & Co. (MKC) Cut to “Market Perform” at Sanford C. Bernstein
Sanford C. Bernstein cut shares of McCormick & Co. (NYSE:MKC) from an outperform rating to a market perform rating in a report released on Friday. Sanford C. Bernstein currently has $104.00 target price on the stock, down from their prior target price of $113.00. The analysts noted that the move was a valuation call.
A number of other equities analysts have also issued reports on the stock. Zacks Investment Research raised shares of McCormick & Co. from a hold rating to a buy rating and set a $109.00 target price on the stock in a research report on Thursday, September 15th. Citigroup Inc. reaffirmed a neutral rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. Finally, Deutsche Bank AG boosted their target price on shares of McCormick & Co. from $110.00 to $113.00 and gave the stock a buy rating in a research report on Saturday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. McCormick & Co. currently has an average rating of Hold and an average price target of $97.24.
Shares of McCormick & Co. (NYSE:MKC) opened at 96.47 on Friday. The company has a 50-day moving average of $100.15 and a 200 day moving average of $99.05. McCormick & Co. has a 12 month low of $77.65 and a 12 month high of $107.84. The company has a market capitalization of $12.22 billion, a P/E ratio of 28.61 and a beta of 0.48.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings data on Thursday, June 30th. The company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.01. McCormick & Co. had a net margin of 9.96% and a return on equity of 26.08%. The business earned $1.06 billion during the quarter. During the same quarter in the previous year, the firm posted $0.75 earnings per share. McCormick & Co.’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts forecast that McCormick & Co. will post $3.75 EPS for the current year.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the sale, the chief financial officer now owns 94,012 shares in the company, valued at approximately $9,887,242.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patricia A. Little sold 3,750 shares of the business’s stock in a transaction 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 owns 13,227 shares in the company, valued at approximately $1,418,198.94. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of MKC. Nomura Asset Management Co. Ltd. increased 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 valued at $4,933,000 after buying an additional 1,470 shares in the last quarter. Norges Bank purchased a new stake in shares of McCormick & Co. during the fourth quarter valued at approximately $84,307,000. Creative Planning increased 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 valued at $1,568,000 after buying an additional 559 shares in the last quarter. DnB Asset Management AS purchased a new stake in shares of McCormick & Co. during the first quarter valued at approximately $1,096,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of McCormick & Co. by 13.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 24,835 shares of the company’s stock valued at $2,471,000 after buying an additional 3,028 shares in the last quarter. Institutional investors own 72.48% of the company’s stock.
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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