Zacks Investment Research Upgrades McCormick & Company, Incorporated (MKC) to Buy
McCormick & Company, Incorporated (NYSE:MKC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $106.00 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 10.90% from the stock’s previous close.
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.”
MKC has been the subject of a number of other research reports. BidaskClub raised shares of McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of McCormick & Company, in a research report on Friday, June 16th. They issued a “neutral” rating and a $101.00 target price for the company. Jefferies Group LLC raised shares of McCormick & Company, from a “hold” rating to a “buy” rating and raised their target price for the company from $95.00 to $110.00 in a research report on Friday, July 28th. Edward Jones upgraded shares of McCormick & Company, from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Finally, Credit Suisse Group set a $108.00 price target on shares of McCormick & Company, and gave the company a “buy” rating in a research note on Saturday, July 1st. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $103.11.
McCormick & Company, (NYSE MKC) opened at 95.58 on Tuesday. The stock has a market cap of $11.91 billion, a price-to-earnings ratio of 25.39 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’s 50-day moving average price is $95.65 and its 200 day moving average price is $99.09.
McCormick & Company, (NYSE:MKC) last released its earnings results on Thursday, June 29th. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. McCormick & Company, had a net margin of 10.69% and a return on equity of 28.28%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. On average, analysts anticipate that McCormick & Company, will post $4.14 earnings per share for the current year.
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A number of hedge funds have recently made changes to their positions in the stock. FNY Managed Accounts LLC purchased a new stake in shares of McCormick & Company, during the first quarter worth approximately $135,000. Harfst & Associates Inc. bought a new stake in McCormick & Company, during the first quarter worth about $139,000. Van ECK Associates Corp boosted its stake in McCormick & Company, by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock worth $165,000 after buying an additional 109 shares in the last quarter. BlueMountain Capital Management LLC boosted its stake in McCormick & Company, by 1,600.0% in the second quarter. BlueMountain Capital Management LLC now owns 1,717 shares of the company’s stock worth $167,000 after buying an additional 1,616 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in McCormick & Company, by 28.4% in the second quarter. IFP Advisors Inc now owns 1,784 shares of the company’s stock worth $174,000 after buying an additional 395 shares in the last quarter. Hedge funds and other institutional investors own 72.87% of the company’s stock.
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.
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