Zacks Investment Research upgraded shares of McCormick & Company, Incorporated (NYSE:MKC) from a hold rating to a buy rating in a research note released on Tuesday morning. The brokerage currently has $106.00 price objective on the stock.

According to Zacks, “McCormick’s shares have outperformed the industry on a year-to-date basis, primarily owing to its strategic initiatives. The company has been steadily widening its portfolio through acquisitions. Recently, it completed the buyout of Reckitt’s food division, which is expected to position McCormick as one of the leading companies in the U.S. condiments category. Also, the company has been gaining from its product innovation, brand marketing support and expanded distribution as well as pricing actions. Furthermore, it remains focused on saving costs and enhancement of productivity through the ongoing Comprehensive Continuous Improvement program. However, adverse impacts of higher material costs and currency translations continue to pose threats to the company. Such impacts are likely to persist throughout fiscal 2017.”

A number of other brokerages also recently issued reports on MKC. Goldman Sachs Group, Inc. (The) assumed coverage on McCormick & Company, in a research report on Friday, June 16th. They set a neutral rating and a $101.00 price target on the stock. Jefferies Group LLC reissued a hold rating and set a $95.00 price target on shares of McCormick & Company, in a research report on Friday, May 19th. Credit Suisse Group set a $108.00 price target on McCormick & Company, and gave the stock a buy rating in a research report on Saturday, July 1st. Edward Jones raised McCormick & Company, from a hold rating to a buy rating in a research report on Tuesday, July 4th. Finally, BidaskClub raised McCormick & Company, from a hold rating to a buy rating in a research report on Thursday, August 24th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $103.11.

Shares of McCormick & Company, (NYSE:MKC) opened at 95.36 on Tuesday. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 25.33 and a beta of 0.52. The company’s 50 day moving average price is $95.65 and its 200 day moving average price is $99.09. McCormick & Company, has a 52-week low of $88.64 and a 52-week high of $106.50.

McCormick & Company, (NYSE:MKC) last issued its quarterly earnings results on Thursday, June 29th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.06. The business 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 firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 earnings per share. Analysts forecast that McCormick & Company, will post $4.14 earnings per share for the current year.

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Several large investors have recently modified their holdings of the stock. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of McCormick & Company, by 53.2% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 47,007 shares of the company’s stock worth $4,585,000 after buying an additional 16,320 shares in the last quarter. Wetherby Asset Management Inc. increased its stake in shares of McCormick & Company, by 8.4% in the first quarter. Wetherby Asset Management Inc. now owns 2,861 shares of the company’s stock worth $279,000 after buying an additional 222 shares in the last quarter. Reilly Herbert Faulkner III increased its stake in shares of McCormick & Company, by 1.5% in the first quarter. Reilly Herbert Faulkner III now owns 48,679 shares of the company’s stock worth $4,749,000 after buying an additional 724 shares in the last quarter. Whittier Trust Co. increased its stake in shares of McCormick & Company, by 3.2% in the first quarter. Whittier Trust Co. now owns 3,860 shares of the company’s stock worth $377,000 after buying an additional 120 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of McCormick & Company, by 9.6% in the first quarter. Russell Investments Group Ltd. now owns 64,537 shares of the company’s stock worth $6,297,000 after buying an additional 5,658 shares in the last quarter. 72.87% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Company Profile

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.

Analyst Recommendations for McCormick & Company, (NYSE:MKC)

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