McCormick & Company (MKC) Downgraded by Vertical Group to “Hold”

McCormick & Company (NYSE:MKC) was downgraded by Vertical Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The analysts noted that the move was a valuation call.

MKC has been the topic of several other research reports. Zacks Investment Research upgraded McCormick & Company from a “hold” rating to a “buy” rating and set a $116.00 price target on the stock in a research report on Tuesday, April 3rd. Credit Suisse Group boosted their price target on McCormick & Company from $120.00 to $122.00 and gave the company an “outperform” rating in a research report on Wednesday, March 28th. Jefferies Financial Group restated a “buy” rating and issued a $123.00 price target on shares of McCormick & Company in a research report on Thursday. UBS Group boosted their price target on McCormick & Company from $106.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, March 28th. Finally, Citigroup boosted their price target on McCormick & Company from $113.00 to $114.00 and gave the company a “neutral” rating in a research report on Wednesday, March 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. McCormick & Company has an average rating of “Hold” and an average target price of $114.25.

MKC opened at $116.09 on Friday. The stock has a market cap of $15.05 billion, a PE ratio of 27.25, a PEG ratio of 2.60 and a beta of 0.57. McCormick & Company has a one year low of $90.25 and a one year high of $117.82. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.42 and a current ratio of 0.85.

McCormick & Company (NYSE:MKC) last issued its quarterly earnings results on Thursday, June 28th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. McCormick & Company had a return on equity of 21.98% and a net margin of 15.83%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 EPS. equities research analysts anticipate that McCormick & Company will post 4.91 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank increased its position in McCormick & Company by 9.7% during the 4th quarter. Amalgamated Bank now owns 15,846 shares of the company’s stock worth $1,615,000 after purchasing an additional 1,399 shares during the period. Envestnet Asset Management Inc. increased its position in McCormick & Company by 21.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 24,244 shares of the company’s stock worth $2,471,000 after purchasing an additional 4,358 shares during the period. Bowen Hanes & Co. Inc. increased its position in McCormick & Company by 9.7% during the 4th quarter. Bowen Hanes & Co. Inc. now owns 382,418 shares of the company’s stock worth $38,972,000 after purchasing an additional 33,870 shares during the period. Millennium Management LLC acquired a new position in McCormick & Company during the 4th quarter worth approximately $10,565,000. Finally, Tocqueville Asset Management L.P. increased its position in McCormick & Company by 4.5% during the 4th quarter. Tocqueville Asset Management L.P. now owns 27,900 shares of the company’s stock worth $2,843,000 after purchasing an additional 1,200 shares during the period. Institutional investors own 78.36% of the company’s stock.

About McCormick & Company

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

Analyst Recommendations for McCormick & Company (NYSE:MKC)

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