McCormick & Co. (MKC) Price Target Lowered to $95.00 at Jefferies Group
McCormick & Co. (NYSE:MKC) had its target price lowered by Jefferies Group from $100.00 to $95.00 in a research report issued on Wednesday. The firm currently has a “hold” rating on the stock. Jefferies Group’s price objective would indicate a potential upside of 0.62% from the stock’s current price.
Several other research analysts have also recently issued reports on the stock. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. Citigroup Inc. upgraded shares of McCormick & Co. from a “sell” rating to a “neutral” rating and raised their price target for the company from $85.00 to $102.00 in a report on Thursday, June 23rd. Deutsche Bank AG lowered their price target on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, September 23rd. Finally, Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 price target on the stock in a report on Thursday, August 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $98.99.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.27% during mid-day trading on Wednesday, reaching $94.41. 479,114 shares of the company traded hands. The firm has a 50-day moving average price of $98.11 and a 200 day moving average price of $99.24. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The firm has a market capitalization of $11.90 billion, a price-to-earnings ratio of 26.07 and a beta of 0.47.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/12/mccormick-co-mkc-price-target-lowered-to-95-00-at-jefferies-group.html
McCormick & Co. (NYSE:MKC) last issued its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company had revenue of $1.09 billion for the quarter. During the same quarter in the previous year, the company earned $0.85 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. On average, analysts anticipate that McCormick & Co. will post $3.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s payout ratio is currently 47.51%.
A number of institutional investors have recently bought and sold shares of MKC. Van ECK Associates Corp raised its position in McCormick & Co. by 29.3% in the second quarter. Van ECK Associates Corp now owns 1,045 shares of the company’s stock worth $111,000 after buying an additional 237 shares in the last quarter. Coconut Grove Bank raised its position in McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares in the last quarter. Washington Trust Bank raised its position in McCormick & Co. by 986.4% in the third quarter. Washington Trust Bank now owns 1,358 shares of the company’s stock worth $136,000 after buying an additional 1,233 shares in the last quarter. Mizuho Asset Management Co. Ltd. raised its position in McCormick & Co. by 90.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,331 shares of the company’s stock worth $142,000 after buying an additional 632 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares in the last quarter. 72.47% of the stock is owned by institutional investors.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
Receive News & Ratings for McCormick & Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McCormick & Co. and related companies with MarketBeat.com's FREE daily email newsletter.