Jefferies Financial Group Issues Positive Forecast for McCormick & Company, Incorporated (NYSE:MKC) Stock Price

McCormick & Company, Incorporated (NYSE:MKC) had its price objective lifted by equities researchers at Jefferies Financial Group from $78.00 to $79.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 14.98% from the company’s current price.

Several other research firms also recently issued reports on MKC. Sanford C. Bernstein restated an “outperform” rating and set a $87.00 target price on shares of McCormick & Company, Incorporated in a research report on Thursday, December 11th. Barclays dropped their price objective on McCormick & Company, Incorporated from $82.00 to $72.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating on the stock in a research note on Thursday, September 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a report on Tuesday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $76.63.

McCormick & Company, Incorporated Stock Performance

MKC traded up $0.14 during trading hours on Tuesday, hitting $68.71. The stock had a trading volume of 2,759,619 shares, compared to its average volume of 3,159,823. McCormick & Company, Incorporated has a 1 year low of $62.64 and a 1 year high of $86.24. The company’s fifty day simple moving average is $66.67 and its 200 day simple moving average is $68.27. The stock has a market cap of $18.44 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 4.02 and a beta of 0.62. The company has a quick ratio of 0.29, a current ratio of 0.71 and a debt-to-equity ratio of 0.54.

Insider Activity

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $67.43, for a total transaction of $3,371,500.00. Following the transaction, the insider directly owned 246,762 shares of the company’s stock, valued at $16,639,161.66. This represents a 16.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brendan M. Foley sold 57,144 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $65.56, for a total transaction of $3,746,360.64. Following the completion of the sale, the chief executive officer owned 108,652 shares in the company, valued at $7,123,225.12. This represents a 34.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 146,158 shares of company stock valued at $9,635,824 over the last ninety days. Corporate insiders own 23.80% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several large investors have recently added to or reduced their stakes in MKC. Norges Bank purchased a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth about $249,087,000. Invesco Ltd. lifted its stake in McCormick & Company, Incorporated by 66.7% in the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock worth $417,006,000 after purchasing an additional 2,494,544 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of McCormick & Company, Incorporated by 67.2% during the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company’s stock valued at $187,183,000 after buying an additional 1,124,003 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its stake in shares of McCormick & Company, Incorporated by 94.7% during the second quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company’s stock valued at $134,795,000 after buying an additional 865,500 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of McCormick & Company, Incorporated by 5.1% in the third quarter. State Street Corp now owns 15,522,816 shares of the company’s stock worth $1,038,632,000 after buying an additional 747,844 shares during the period. 79.74% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private?label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.