McCormick & Co. (MKC) Stock Rating Lowered by Sanford C. Bernstein
McCormick & Co. (NYSE:MKC) was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued on Friday. They currently have a $104.00 price target on the stock, down from their prior price target of $113.00. Sanford C. Bernstein’s price target points to a potential upside of 7.91% from the stock’s current price. The analysts noted that the move was a valuation call.
Other research analysts have also issued reports about the company. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price target on the stock in a research report on Friday, July 8th. Deutsche Bank AG raised their price target on McCormick & Co. from $110.00 to $113.00 and gave the stock a “buy” rating in a research report on Saturday, July 2nd. Finally, Citigroup Inc. restated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $97.24.
Shares of McCormick & Co. (NYSE:MKC) opened at 96.38 on Friday. The stock’s 50 day moving average price is $100.46 and its 200 day moving average price is $99.05. McCormick & Co. has a 1-year low of $77.65 and a 1-year high of $107.84. The company has a market cap of $12.21 billion, a P/E ratio of 28.58 and a beta of 0.48.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings results on Thursday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The business had revenue of $1.06 billion for the quarter. During the same quarter in the prior year, the business earned $0.75 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities research analysts forecast that McCormick & Co. will post $3.75 earnings per share for the current year.
In other McCormick & Co. news, Director Patricia A. Little sold 3,750 shares of McCormick & Co. stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total value of $402,075.00. Following the sale, the director now owns 13,227 shares of the company’s stock, valued at approximately $1,418,198.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the sale, the chief financial officer now directly owns 94,012 shares in the company, valued at approximately $9,887,242.04. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in MKC. Vanguard Group Inc. increased its stake in McCormick & Co. by 2.0% in the second quarter. Vanguard Group Inc. now owns 11,084,604 shares of the company’s stock valued at $1,182,395,000 after buying an additional 219,950 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in McCormick & Co. by 15.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,882,526 shares of the company’s stock valued at $386,234,000 after buying an additional 515,435 shares in the last quarter. BlackRock Fund Advisors increased its stake in McCormick & Co. by 6.2% in the second quarter. BlackRock Fund Advisors now owns 3,037,792 shares of the company’s stock valued at $324,041,000 after buying an additional 177,417 shares in the last quarter. Franklin Resources Inc. increased its stake in McCormick & Co. by 0.8% in the first quarter. Franklin Resources Inc. now owns 2,628,162 shares of the company’s stock valued at $261,450,000 after buying an additional 20,601 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in McCormick & Co. by 8.9% in the second quarter. BlackRock Group LTD now owns 1,616,816 shares of the company’s stock valued at $172,465,000 after buying an additional 132,291 shares in the last quarter. 72.41% of the stock is currently owned by hedge funds and other institutional investors.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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