McCormick & Company, Incorporated (NYSE:MKC) Given New $51.00 Price Target at UBS Group

Key Points

• UBS Group lowered McCormick’s price target to $51 from $53, while keeping a neutral rating on the stock. The new target still implies about 10.2% upside from the prior close.
• Other analysts have also turned more cautious, with several firms cutting price targets in recent reports. Overall, MarketBeat says MKC has a consensus Hold rating and an average target price of $63.55.
• McCormick shares fell to $46.28 in Tuesday trading, near the stock’s 52-week low of $44.82. The company recently beat quarterly earnings expectations, reporting $0.66 EPS on $1.87 billion in revenue.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) had its price target reduced by analysts at UBS Group from $53.00 to $51.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. UBS Group's price target indicates a potential upside of 10.20% from the company's previous close.

A number of other research firms also recently issued reports on MKC. Jefferies Financial Group decreased their target price on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. BNP Paribas Exane cut their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Zacks Research upgraded McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Stifel Nicolaus cut their price target on 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, Weiss Ratings restated a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research note on Monday, April 27th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $63.55.

McCormick & Company, Incorporated Stock Performance

NYSE MKC traded down $1.09 on Tuesday, reaching $46.28. 3,020,710 shares of the company's stock traded hands, compared to its average volume of 3,645,955. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of 7.66, a P/E/G ratio of 2.32 and a beta of 0.65. The stock has a 50 day moving average price of $49.97 and a 200-day moving average price of $60.38. McCormick & Company, Incorporated has a fifty-two week low of $44.82 and a fifty-two week high of $78.16. 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 posted 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. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. Equities research analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley bought 2,000 shares of the business's stock in a transaction dated Friday, April 10th. The stock was acquired at an average price of $52.98 per share, with a total value of $105,960.00. Following the completion of the purchase, the director directly owned 2,906 shares of the company's stock, valued at approximately $153,959.88. This trade represents a 220.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 10.60% of the stock is owned by corporate insiders.

Institutional Trading of McCormick & Company, Incorporated

A number of institutional investors and hedge funds have recently modified their holdings of MKC. Deseret Mutual Benefit Administrators boosted its holdings in 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 during the last quarter. Motiv8 Investments LLC acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at about $28,000. GoalVest Advisory LLC acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at about $28,000. Zions Bancorporation National Association UT boosted its holdings in McCormick & Company, Incorporated by 340.0% in the 4th quarter. Zions Bancorporation National Association UT now owns 462 shares of the company's stock valued at $31,000 after purchasing an additional 357 shares during the last quarter. Finally, SouthState Bank Corp boosted its holdings in McCormick & Company, Incorporated by 1,777.8% in the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company's stock valued at $34,000 after purchasing an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

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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