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

McCormick & Company, Incorporated (NYSE:MKC) had its price target cut by Deutsche Bank Aktiengesellschaft from $60.00 to $59.00 in a report published on Monday morning. They currently have a buy rating on the stock.

A number of other brokerages have also commented on MKC. Jefferies Financial Group cut their price objective on shares of McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, June 4th. UBS Group lifted their target price on McCormick & Company, Incorporated from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. TD Cowen lowered shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating and lowered their price target for the stock from $60.00 to $55.00 in a research report on Monday, September 14th. Barclays cut their price target on McCormick & Company, Incorporated from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Finally, Sanford C. Bernstein cut their price objective on shares of McCormick & Company, Incorporated from $77.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, June 26th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $59.80.

McCormick & Company, Incorporated Price Performance

Shares of NYSE:MKC opened at $48.97 on Monday. McCormick & Company, Incorporated has a 52 week low of $44.82 and a 52 week high of $72.41. The business has a fifty day simple moving average of $52.41 and a 200-day simple moving average of $51.38. The company has a quick ratio of 0.39, a current ratio of 0.78 and a debt-to-equity ratio of 0.48. The company has a market cap of $13.17 billion, a P/E ratio of 8.16, a P/E/G ratio of 1.99 and a beta of 0.64.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Thursday, June 25th. The company reported $0.80 earnings per share (EPS) 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 company 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 EPS. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Equities research analysts forecast that McCormick & Company, Incorporated will post 3.08 EPS for the current year.

Insider Activity at McCormick & Company, Incorporated

In related news, major shareholder Lawrence Kurzius sold 205,538 shares of the 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 completion of the sale, the insider directly owned 296,992 shares in the company, valued at approximately $15,648,508.48. This trade represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Large investors have recently bought and sold shares of the business. Aristotle Capital Management LLC lifted its stake in shares of McCormick & Company, Incorporated by 231.9% in the first quarter. Aristotle Capital Management LLC now owns 12,664,378 shares of the company’s stock worth $638,795,000 after buying an additional 8,848,235 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of McCormick & Company, Incorporated by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 6,508,928 shares of the company’s stock valued at $441,571,000 after acquiring an additional 59,587 shares during the period. XXEC Inc. acquired a new stake in shares of McCormick & Company, Incorporated in the second quarter worth $154,566,000. Goldman Sachs Group Inc. grew its stake in shares of McCormick & Company, Incorporated by 60.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,659,766 shares of the company’s stock worth $113,047,000 after acquiring an additional 628,390 shares during the last quarter. Finally, Amundi increased its position in McCormick & Company, Incorporated by 72.5% during the first quarter. Amundi now owns 2,023,544 shares of the company’s stock worth $102,068,000 after acquiring an additional 850,343 shares during the period. 79.74% of the stock is currently owned by institutional investors.

About McCormick & Company, Incorporated

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.