McCormick & Company, Incorporated (NYSE:MKC) Given New $73.00 Price Target at TD Cowen

McCormick & Company, Incorporated (NYSE:MKC) had its price target lowered by TD Cowen from $75.00 to $73.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price target points to a potential upside of 4.72% from the company’s previous close.

A number of other brokerages have also weighed in on MKC. Barclays lifted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, March 28th. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Argus raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research report on Tuesday, April 2nd. Finally, Stifel Nicolaus upped their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and an average price target of $76.25.

McCormick & Company, Incorporated Trading Up 1.5 %

Shares of MKC stock traded up $1.03 during mid-day trading on Monday, reaching $69.71. The stock had a trading volume of 403,378 shares, compared to its average volume of 1,930,694. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $93.77. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63. The stock’s 50-day moving average price is $72.50 and its two-hundred day moving average price is $70.12. The firm has a market capitalization of $18.71 billion, a PE ratio of 26.61, a price-to-earnings-growth ratio of 3.58 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Equities analysts expect that McCormick & Company, Incorporated will post 2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the sale, the director now owns 199,258 shares in the company, valued at approximately $14,695,277.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Maritza Gomez Montiel sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now owns 5,594 shares of the company’s stock, valued at approximately $430,738. The disclosure for this sale can be found here. Insiders have sold 111,458 shares of company stock worth $8,286,114 in the last three months. 22.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MKC. Anchor Investment Management LLC bought a new stake in McCormick & Company, Incorporated in the fourth quarter valued at approximately $36,000. VisionPoint Advisory Group LLC bought a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $44,000. Private Trust Co. NA raised its position in McCormick & Company, Incorporated by 59.1% during the 4th quarter. Private Trust Co. NA now owns 781 shares of the company’s stock worth $53,000 after purchasing an additional 290 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of McCormick & Company, Incorporated by 283.9% in the 4th quarter. Valley National Advisers Inc. now owns 787 shares of the company’s stock worth $53,000 after acquiring an additional 582 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in shares of McCormick & Company, Incorporated by 16.5% in the 1st quarter. Lindbrook Capital LLC now owns 944 shares of the company’s stock worth $73,000 after acquiring an additional 134 shares in the last quarter. 79.74% of the stock is 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.