Jefferies Financial Group Forecasts Strong Price Appreciation for McCormick & Company, Incorporated (NYSE:MKC) Stock

McCormick & Company, Incorporated (NYSE:MKC) had its price objective raised by investment analysts at Jefferies Financial Group from $78.00 to $79.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 14.98% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. UBS Group lowered their price target on shares of McCormick & Company, Incorporated from $71.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Barclays lowered their target price on McCormick & Company, Incorporated from $82.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Monday, December 15th. Finally, JPMorgan Chase & Co. lowered their price objective on McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating on the stock in a research report on Thursday, September 25th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $76.63.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock traded up $0.14 during trading hours on Tuesday, hitting $68.71. The company’s stock had a trading volume of 2,759,619 shares, compared to its average volume of 3,159,823. 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. McCormick & Company, Incorporated has a 12-month low of $62.64 and a 12-month high of $86.24. The company has a 50 day moving average of $66.67 and a 200 day moving average of $68.27. The company has a current ratio of 0.71, a quick ratio of 0.29 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $67.43, for a total transaction of $3,371,500.00. Following the completion of the transaction, the insider directly owned 246,762 shares in the company, valued at approximately $16,639,161.66. This represents a 16.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brendan M. Foley sold 57,144 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $65.56, for a total transaction of $3,746,360.64. Following the transaction, the chief executive officer directly owned 108,652 shares in the company, valued at approximately $7,123,225.12. The trade was a 34.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 146,158 shares of company stock worth $9,635,824 in the last quarter. Insiders own 23.80% of the company’s stock.

Institutional Trading of McCormick & Company, Incorporated

A number of institutional investors and hedge funds have recently modified their holdings of MKC. Norges Bank purchased a new position in McCormick & Company, Incorporated in the 2nd quarter valued at about $249,087,000. Invesco Ltd. raised its holdings in shares of McCormick & Company, Incorporated by 66.7% during the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock valued at $417,006,000 after acquiring an additional 2,494,544 shares during the last quarter. Wellington Management Group LLP raised its holdings 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 acquiring an additional 1,124,003 shares during the last quarter. Alecta Tjanstepension Omsesidigt lifted its position in shares of McCormick & Company, Incorporated by 94.7% in the second quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company’s stock valued at $134,795,000 after acquiring an additional 865,500 shares in the last quarter. Finally, State Street Corp boosted its stake 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 acquiring an additional 747,844 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

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.