Deutsche Bank Aktiengesellschaft Cuts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $59.00

McCormick & Company, Incorporated (NYSE:MKC) had its price target reduced by investment analysts at Deutsche Bank Aktiengesellschaft from $60.00 to $59.00 in a report released on Monday. The firm presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 20.45% from the stock’s current price.

Several other research analysts also recently commented on MKC. Sanford C. Bernstein reduced their price objective on McCormick & Company, Incorporated from $77.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, June 26th. Barclays lowered their price target on shares of McCormick & Company, Incorporated from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Friday, June 26th. Jefferies Financial Group cut their target price on McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, June 4th. UBS Group boosted their target price on McCormick & Company, Incorporated from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of McCormick & Company, Incorporated from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 5th. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.80.

McCormick & Company, Incorporated Price Performance

Shares of McCormick & Company, Incorporated stock opened at $48.98 on Monday. The company has a fifty day moving average of $52.41 and a 200-day moving average of $51.38. McCormick & Company, Incorporated has a 52-week low of $44.82 and a 52-week high of $72.41. The stock has a market capitalization of $13.17 billion, a price-to-earnings ratio of 8.16, a price-to-earnings-growth ratio of 1.99 and a beta of 0.64. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.39 and a current ratio of 0.78.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Thursday, June 25th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. McCormick & Company, Incorporated had a net margin of 21.91% and a return on equity of 12.78%. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the company earned $0.69 earnings per share. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts expect that McCormick & Company, Incorporated will post 3.08 EPS for the current year.

Insider Activity at McCormick & Company, Incorporated

In other news, major shareholder Lawrence Kurzius sold 205,538 shares of McCormick & Company, Incorporated stock in a transaction on Monday, August 10th. The stock was sold at an average price of $52.69, for a total transaction of $10,829,797.22. Following the transaction, the insider owned 296,992 shares in the company, valued at approximately $15,648,508.48. The trade was a 40.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parvin Asset Management LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 2nd quarter valued at about $25,000. Deseret Mutual Benefit Administrators lifted its stake in McCormick & Company, Incorporated by 67.8% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock valued at $28,000 after acquiring an additional 164 shares during the last quarter. Byrne Asset Management LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $30,000. Ancora Advisors LLC bought a new stake in McCormick & Company, Incorporated in the second quarter worth $34,000. Finally, Union Savings Bank acquired a new position in McCormick & Company, Incorporated during the fourth quarter worth $36,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE:MKC) is a global food company that manufactures, markets and distributes spices, herbs, seasonings, condiments, sauces and other flavoring products. Its portfolio serves both retail consumers and foodservice customers, while its flavor solutions business supplies seasoning blends, natural flavors and other ingredients to food manufacturers and restaurant operators.

The company’s consumer brands include McCormick, French’s, Frank’s RedHot, Lawry’s, Old Bay and Gourmet Garden, among others.