Deutsche Bank AG Cuts McCormick & Co. (MKC) Price Target to $112.00
McCormick & Co. (NYSE:MKC) had its target price reduced by stock analysts at Deutsche Bank AG from $113.00 to $112.00 in a report released on Friday. The firm currently has a “buy” rating on the stock. Deutsche Bank AG’s price target indicates a potential upside of 15.23% from the stock’s previous close.
Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price objective on the stock in a report on Thursday, September 15th. Sanford C. Bernstein downgraded shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. Finally, Citigroup Inc. reiterated 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 assigned a hold rating and three have issued a buy rating to the company’s stock. McCormick & Co. currently has a consensus rating of “Hold” and an average price target of $97.11.
McCormick & Co. (NYSE:MKC) traded down 0.35% during trading on Friday, reaching $96.86. 72,179 shares of the company traded hands. McCormick & Co. has a 12 month low of $77.65 and a 12 month high of $107.84. The company’s 50-day moving average is $100.07 and its 200 day moving average is $99.04. The company has a market cap of $12.27 billion, a PE ratio of 28.72 and a beta of 0.48.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Thursday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.06 billion for the quarter. During the same quarter last year, the business earned $0.75 earnings per share. McCormick & Co.’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts anticipate that McCormick & Co. will post $3.75 earnings per share for the current year.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Patricia A. Little sold 3,750 shares of McCormick & Co. stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total transaction of $402,075.00. Following the transaction, the director now directly owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Coconut Grove Bank boosted its position in McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares during the period. Synovus Financial Corp boosted its position in McCormick & Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,356 shares of the company’s stock worth $250,000 after buying an additional 15 shares during the period. HM Capital Management LLC boosted its position in McCormick & Co. by 0.5% in the second quarter. HM Capital Management LLC now owns 3,641 shares of the company’s stock worth $388,000 after buying an additional 17 shares during the period. Mission Wealth Management LLC boosted its position in McCormick & Co. by 1.0% in the second quarter. Mission Wealth Management LLC now owns 2,342 shares of the company’s stock worth $250,000 after buying an additional 24 shares during the period. Finally, Citizens Financial Group Inc RI boosted its position in McCormick & Co. by 1.9% in the first quarter. Citizens Financial Group Inc RI now owns 2,719 shares of the company’s stock worth $270,000 after buying an additional 50 shares during the period. 72.48% of the stock is owned by hedge funds and other institutional investors.
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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