McCormick & Company, Incorporated (NYSE:MKC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, June 28th.
According to Zacks, “McCormick’s price history reveals that over the past six months, the stock has outperformed the Zacks categorized industry. Estimates have largely been stable ahead of the second quarter fiscal 2017 results. McCormick has been witnessing rising demand for spices, herbs and seasonings over the last few years, which is boosting its sales. Product innovation, brand marketing support and expanded distribution, as well as pricing actions have remained its driving factors. Nevertheless, higher raw material costs, particularly that of vanilla and garlic have been hurting McCormick’s margins of late. Also, the company’s industrial segment has been reporting sluggish sales over the past few quarters. Though the company has provided weak guidance for the second quarter, anticipating higher cost pressure and higher taxes, we remain optimistic on the company as it continues to work on its expense structure and margins.”
Several other research firms also recently weighed in on MKC. Jefferies Group LLC reissued a “hold” rating and set a $95.00 target price on shares of McCormick & Company, in a research report on Friday, May 19th. Edward Jones raised McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Thursday, April 6th. Goldman Sachs Group, Inc. (The) started coverage on McCormick & Company, in a research report on Friday, June 16th. They set a “neutral” rating and a $101.00 target price on the stock. Finally, J P Morgan Chase & Co upgraded McCormick & Company, from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $91.00 to $96.00 in a report on Wednesday, April 5th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $101.78.
McCormick & Company, (NYSE MKC) traded up 0.28% during midday trading on Wednesday, reaching $95.52. 1,012,920 shares of the company traded hands. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 25.37 and a beta of 0.52. McCormick & Company, has a one year low of $88.64 and a one year high of $106.50. The stock’s 50 day moving average is $98.17 and its 200 day moving average is $98.81.
McCormick & Company, (NYSE:MKC) last released its earnings results on Thursday, June 29th. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.06. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.10 billion. McCormick & Company, had a return on equity of 28.28% and a net margin of 10.69%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. On average, equities analysts anticipate that McCormick & Company, will post $4.08 earnings per share for the current year.
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In other news, Director Maritza Gomez Montiel acquired 2,500 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were acquired at an average cost of $99.62 per share, with a total value of $249,050.00. Following the completion of the acquisition, the director now owns 2,500 shares of the company’s stock, valued at $249,050. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 15.30% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MKC. First Manhattan Co. raised its position in shares of McCormick & Company, by 1.4% in the second quarter. First Manhattan Co. now owns 110,932 shares of the company’s stock worth $10,817,000 after buying an additional 1,537 shares in the last quarter. Papp L Roy & Associates raised its stake in McCormick & Company, by 0.4% in the second quarter. Papp L Roy & Associates now owns 31,805 shares of the company’s stock valued at $3,101,000 after buying an additional 136 shares during the period. Reik & CO. LLC raised its stake in McCormick & Company, by 1.2% in the second quarter. Reik & CO. LLC now owns 281,724 shares of the company’s stock valued at $27,471,000 after buying an additional 3,280 shares during the period. Ingalls & Snyder LLC raised its stake in McCormick & Company, by 0.9% in the second quarter. Ingalls & Snyder LLC now owns 5,405 shares of the company’s stock valued at $527,000 after buying an additional 50 shares during the period. Finally, Ironwood Investment Management LLC raised its stake in McCormick & Company, by 0.7% in the second quarter. Ironwood Investment Management LLC now owns 3,628 shares of the company’s stock valued at $354,000 after buying an additional 25 shares during the period. 73.65% of the stock is currently owned by institutional investors and hedge funds.
About McCormick & Company,
McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.
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