JPMorgan Chase & Co. Has Lowered Expectations for McCormick & Company, Incorporated (NYSE:MKC) Stock Price

Key Points

• JPMorgan trimmed McCormick’s price target from $64 to $63, while still implying about 28.4% upside from the current share price.
• Other analysts have also been cutting targets, and the overall Street view remains “Hold” with a consensus price target of $63.27; the stock currently has 6 Buy ratings and 8 Hold ratings.
• McCormick recently reported better-than-expected earnings, with quarterly EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion, up 16.7% year over year.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $64.00 to $63.00 in a note issued to investors on Friday,MarketScreener reports. JPMorgan Chase & Co.'s price objective suggests a potential upside of 28.38% from the stock's current price.

Several other research analysts have also weighed in on the stock. Jefferies Financial Group decreased their target price on McCormick & Company, Incorporated from $64.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft lowered their target price on McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, March 30th. HSBC reduced their price objective on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research report on Thursday, March 26th. Stifel Nicolaus cut their target price on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Finally, TD Cowen decreased their price target on shares of McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $63.27.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock traded down $0.16 during midday trading on Friday, hitting $49.07. 398,222 shares of the company's stock were exchanged, compared to its average volume of 4,114,902. McCormick & Company, Incorporated has a 12-month low of $44.82 and a 12-month high of $78.16. The stock has a market cap of $13.19 billion, a price-to-earnings ratio of 8.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.65. The firm's 50 day simple moving average is $49.21 and its 200 day simple moving average is $59.34. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current year.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the firm's stock in a transaction on Friday, April 10th. The shares were purchased at an average price of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the transaction, the director owned 2,906 shares in the company, valued at $153,959.88. This represents a 220.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its holdings in shares of McCormick & Company, Incorporated by 60.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,659,766 shares of the company's stock worth $113,047,000 after purchasing an additional 628,390 shares in the last quarter. PGGM Investments grew its holdings in shares of McCormick & Company, Incorporated by 10.2% during the fourth quarter. PGGM Investments now owns 746,607 shares of the company's stock worth $50,851,000 after purchasing an additional 69,034 shares during the last quarter. WINTON GROUP Ltd boosted its position in McCormick & Company, Incorporated by 76.9% in the 3rd quarter. WINTON GROUP Ltd now owns 37,500 shares of the company's stock valued at $2,509,000 after buying an additional 16,300 shares during the last quarter. Cibc World Market Inc. bought a new position in McCormick & Company, Incorporated in the third quarter valued at approximately $3,819,000. Finally, Vanguard Group Inc. boosted its stake in McCormick & Company, Incorporated by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 32,679,906 shares of the company's stock worth $2,225,828,000 after acquiring an additional 314,252 shares during the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated NYSE: MKC is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick's product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.

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