McCormick & Company, Incorporated (NYSE:MKC) Price Target Cut to $59.00 by Analysts at Deutsche Bank Aktiengesellschaft

McCormick & Company, Incorporated (NYSE:MKC) had its price target dropped by stock analysts at Deutsche Bank Aktiengesellschaft from $60.00 to $59.00 in a report released on Monday. The firm presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective would suggest a potential upside of 20.45% from the stock’s current price.

Several other analysts have also recently commented on MKC. Barclays decreased their target price on McCormick & Company, Incorporated from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. TD Cowen lowered McCormick & Company, Incorporated from a “buy” rating to a “hold” rating and decreased their price objective for the company from $60.00 to $55.00 in a research report on Monday, September 14th. UBS Group increased their price objective on McCormick & Company, Incorporated from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Weiss Ratings upgraded McCormick & Company, Incorporated from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 5th. Finally, Jefferies Financial Group cut their price objective on McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.80.

McCormick & Company, Incorporated Stock Down 0.2%

Shares of MKC stock opened at $48.98 on Monday. McCormick & Company, Incorporated has a one year low of $44.82 and a one year high of $72.41. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.78 and a quick ratio of 0.39. The stock has a fifty day moving average price of $52.41 and a 200 day moving average price of $51.38. The stock has a market cap of $13.17 billion, a P/E ratio of 8.16, a price-to-earnings-growth ratio of 1.99 and a beta of 0.64.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Thursday, June 25th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. McCormick & Company, Incorporated had a net margin of 21.91% and a return on equity of 12.78%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue was up 16.7% on a year-over-year basis. Analysts predict that McCormick & Company, Incorporated will post 3.08 earnings per share for the current year.

Insider Activity

In related news, major shareholder Lawrence Kurzius sold 205,538 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $52.69, for a total transaction of $10,829,797.22. Following the sale, the insider owned 296,992 shares of the company’s stock, valued at $15,648,508.48. This represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Parvin Asset Management LLC bought a new stake in McCormick & Company, Incorporated during the second quarter worth about $25,000. Deseret Mutual Benefit Administrators boosted its holdings in shares of McCormick & Company, Incorporated by 67.8% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock valued at $28,000 after purchasing an additional 164 shares in the last quarter. Byrne Asset Management LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 2nd quarter valued at approximately $30,000. Ancora Advisors LLC bought a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $34,000. Finally, Union Savings Bank acquired a new position in McCormick & Company, Incorporated in the 4th quarter worth about $36,000. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE:MKC) is a global food company that manufactures, markets and distributes spices, herbs, seasonings, condiments, sauces and other flavoring products. Its portfolio serves both retail consumers and foodservice customers, while its flavor solutions business supplies seasoning blends, natural flavors and other ingredients to food manufacturers and restaurant operators.

The company’s consumer brands include McCormick, French’s, Frank’s RedHot, Lawry’s, Old Bay and Gourmet Garden, among others.