McCormick & Company, Incorporated (MKC) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of McCormick & Company, Incorporated (NYSE:MKC) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “McCormick 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. Such actions have also propelled the shares of the company to go up and surpass the industry over the past one month. Acquisitions of Gourmet Garden and Enrico Giotti SpA have also aided sales growth during the second quarter. Brand marketing support, expanded distribution as well as pricing actions have also been aiding McCormick to deliver a strong performance. It has also been focusing on saving costs and enhancing productivity through its ongoing Comprehensive Continuous Improvement program. Nevertheless, negative impacts of material costs and currency continue to pose as challenges. Such impacts are likely to persist throughout fiscal 2017.”
Other analysts have also issued reports about the stock. Edward Jones upgraded shares of McCormick & Company, from a hold rating to a buy rating in a research note on Tuesday, July 4th. Credit Suisse Group set a $108.00 target price on shares of McCormick & Company, and gave the stock a buy rating in a research note on Saturday, July 1st. Jefferies Group LLC upgraded shares of McCormick & Company, from a hold rating to a buy rating and upped their target price for the stock from $95.00 to $110.00 in a research note on Friday, July 28th. BidaskClub lowered shares of McCormick & Company, from a buy rating to a hold rating in a research note on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of McCormick & Company, in a research note on Friday, June 16th. They set a neutral rating and a $101.00 target price on the stock. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $104.00.
Shares of McCormick & Company, (NYSE MKC) traded up 0.14% during midday trading on Wednesday, hitting $94.91. 812,107 shares of the stock were exchanged. The stock has a market cap of $11.83 billion, a P/E ratio of 25.21 and a beta of 0.52. McCormick & Company, has a 12 month low of $88.64 and a 12 month high of $106.50. The firm has a 50 day moving average of $95.65 and a 200-day moving average of $99.09.
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 company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. McCormick & Company, had a net margin of 10.69% and a return on equity of 28.28%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. Equities research analysts anticipate that McCormick & Company, will post $4.14 EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of McCormick & Company, by 956.5% in the first quarter. BlackRock Inc. now owns 10,405,413 shares of the company’s stock worth $1,015,049,000 after buying an additional 9,420,526 shares during the period. Pioneer Investment Management Inc. increased its position in shares of McCormick & Company, by 630.5% in the first quarter. Pioneer Investment Management Inc. now owns 865,785 shares of the company’s stock worth $84,457,000 after buying an additional 747,268 shares during the period. TimesSquare Capital Management LLC acquired a new position in shares of McCormick & Company, during the first quarter worth about $72,060,000. Harbour Capital Advisors LLC increased its position in shares of McCormick & Company, by 22,166.5% in the second quarter. Harbour Capital Advisors LLC now owns 722,549 shares of the company’s stock worth $7,410,000 after buying an additional 719,304 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of McCormick & Company, by 3.6% in the first quarter. Vanguard Group Inc. now owns 11,962,754 shares of the company’s stock worth $1,166,965,000 after buying an additional 420,241 shares during the period. 73.69% of the stock is owned by hedge funds and other institutional investors.
About McCormick & Company,
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.
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