McCormick & Company, Incorporated (NYSE:MKC) Coverage Initiated by Analysts at BTIG Research

Key Points

• BTIG Research initiated coverage on McCormick with a neutral rating, and MarketBeat shows a consensus analyst view of Hold with a consensus target price of $64.27 after several firms trimmed price targets.
• McCormick beat quarterly expectations, reporting $0.66 EPS versus $0.61 expected and $1.87B revenue versus $1.79B expected, with revenue up 16.7% year‑over‑year.
• Insider activity included Director Gavin Hattersley buying 2,000 shares at $52.98 while insiders sold 65,000 shares (~$4.58M) last quarter; insiders own 10.6% of the stock and institutions own about 79.7%.

Investment analysts at BTIG Research started coverage on shares of McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) in a research note issued on Tuesday. The brokerage set a "neutral" rating on the stock.

A number of other equities analysts also recently issued reports on the company. BNP Paribas Exane reduced their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Stifel Nicolaus reduced their price target on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research report on Wednesday, April 1st. TD Cowen reduced their price target on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. HSBC reduced their price target 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. Finally, Jefferies Financial Group reduced their price target on McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, McCormick & Company, Incorporated currently has an average rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Up 0.8%

McCormick & Company, Incorporated stock opened at $54.15 on Tuesday. The business has a fifty day moving average of $60.98 and a two-hundred day moving average of $64.33. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The firm has a market cap of $14.55 billion, a P/E ratio of 8.88, a P/E/G ratio of 2.63 and a beta of 0.71. McCormick & Company, Incorporated has a twelve month low of $47.52 and a twelve month high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.McCormick & Company, Incorporated's revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 earnings per share. On average, analysts forecast that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley bought 2,000 shares of the business's stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, with a total value of $105,960.00. Following the transaction, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. The trade was a 220.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael D. Mangan sold 5,000 shares of the company's stock in a transaction on Monday, February 9th. The shares were sold at an average price of $67.92, for a total value of $339,600.00. Following the completion of the transaction, the director directly owned 43,029 shares in the company, valued at approximately $2,922,529.68. The trade was a 10.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 65,000 shares of company stock valued at $4,575,800 in the last quarter. Insiders own 10.60% of the company's stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted its holdings in McCormick & Company, Incorporated by 5.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 188,557 shares of the company's stock valued at $12,847,000 after purchasing an additional 9,088 shares during the last quarter. Union Savings Bank purchased a new stake in McCormick & Company, Incorporated in the fourth quarter valued at $36,000. Hsbc Holdings PLC boosted its holdings in McCormick & Company, Incorporated by 10.4% in the fourth quarter. Hsbc Holdings PLC now owns 500,292 shares of the company's stock valued at $34,086,000 after purchasing an additional 47,119 shares during the last quarter. Mengis Capital Management Inc. boosted its holdings in McCormick & Company, Incorporated by 467.1% in the fourth quarter. Mengis Capital Management Inc. now owns 63,200 shares of the company's stock valued at $4,305,000 after purchasing an additional 52,055 shares during the last quarter. Finally, Bayban purchased a new stake in McCormick & Company, Incorporated in the fourth quarter valued at $54,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Company Profile

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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