McCormick & Company, Incorporated (NYSE:MKC) PT Raised to $95.00

McCormick & Company, Incorporated (NYSE:MKC) had its price target raised by equities researchers at Bank of America from $86.00 to $95.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 13.23% from the stock’s current price.

A number of other brokerages have also weighed in on MKC. TD Cowen lowered their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $77.38.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $83.90 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. The business’s 50-day moving average price is $78.23 and its 200 day moving average price is $74.18. The firm has a market cap of $22.54 billion, a P/E ratio of 30.62, a P/E/G ratio of 4.26 and a beta of 0.76.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted $0.60 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. On average, equities research analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

Insider Activity

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MKC. Norges Bank acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $160,999,000. Point72 Asset Management L.P. raised its position in shares of McCormick & Company, Incorporated by 97,525.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock worth $69,256,000 after purchasing an additional 975,255 shares during the last quarter. Nuance Investments LLC acquired a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $73,160,000. Vanguard Group Inc. raised its position in shares of McCormick & Company, Incorporated by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock worth $2,390,261,000 after purchasing an additional 883,327 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth approximately $51,286,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

About McCormick & Company, Incorporated

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