Zacks Investment Research puts McCormick & Company, Incorporated (NYSE:MKC) to “buy”
McCormick & Company, Incorporated (NYSE: MKC – Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The brokerage currently has a target price of $95.00 on the stock. Zacks Investment ResearchThe price target for the stock indicates upside potential of 6.22% from the current stock price.
According to Zacks, “McCormick’s shares have outperformed the industry over the past six months. The company is capitalizing on healthy and great-tasting cuisine, increased digital engagement and goal-oriented practices. The robust recovery in demand These factors drove first-quarter fiscal 2022 revenue, which increased year-over-year and topped Zacks’ consensus estimate. strategically increased its presence through acquisitions to grow its portfolio Management is optimistic about its innovation pipeline for 2022. However, McCormick’s gross profit margin contracted 220 bps basis (bps) thanks to higher cost inflation in the quarter. The company faces numerous supply chain hurdles. That said, McCormick is on track to counter pressure i inflationary through various prices and cost savings. Shares.”
A number of other analysts have also recently released reports on MKC. StockNews.com began covering shares of McCormick & Company, Incorporated in a report on Thursday, March 31. They set a “hold” rating for the company. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a price target of $112.00 for the company in a Thursday, Feb. 17 research report. They noted that the move was a review call. Finally, Deutsche Bank Aktiengesellschaft raised its price target on shares of McCormick & Company, Incorporated from $96.00 to $99.00 in a Wednesday, March 30 research report. Four equity research analysts gave the stock a hold rating and two gave the stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $99.00.
NYSE: MKC opened at $89.44 on Friday. The company’s fifty-day moving average is $99.36 and its 200-day moving average is $95.33. The company has a debt ratio of 0.86, a quick ratio of 0.32 and a current ratio of 0.73. McCormick & Company, Incorporated has a 52 week minimum of $77.85 and a 52 week maximum of $107.35. The company has a market capitalization of $23.98 billion, a P/E ratio of 32.29, a P/E/G ratio of 4.74 and a beta of 0.45.
McCormick & Company, Incorporated (NYSE: MKC – Get a rating) last released its results on Tuesday, March 29. The company reported earnings per share (EPS) of $0.63 for the quarter, beating the consensus estimate of $0.62 by $0.01. McCormick & Company, Incorporated achieved a net margin of 11.77% and a return on equity of 18.00%. The company posted revenue of $1.52 billion for the quarter, compared to analysts’ estimates of $1.47 billion. In the same period a year earlier, the company earned earnings per share of $0.72. McCormick & Company, Incorporated revenue increased 2.8% year over year. As a group, sell-side analysts expect McCormick & Company, Incorporated to post earnings per share of 3.17 for the current year.
In other news, CFO Michael R. Smith sold 19,986 shares of the company in a trade dated Wednesday, April 20. The shares were sold at an average price of $104.04, for a total transaction of $2,079,343.44. Following the completion of the sale, the CFO now owns 93,025 shares of the company, valued at approximately $9,678,321. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. 15.90% of the shares are held by insiders.
Institutional investors have recently increased or reduced their stake in the stock. Tcwp LLC purchased a new position in McCormick & Company, Incorporated stock during Q1 worth approximately $28,000. Western Pacific Wealth Management LP increased its stake in McCormick & Company, Incorporated by 50.0% in the first quarter. Western Pacific Wealth Management LP now owns 300 shares of the company worth $29,000 after purchasing an additional 100 shares during the period. First National Bank of South Miami increased its stake in McCormick & Company, Incorporated by 843.8% in the fourth quarter. First National Bank of South Miami now owns 302 shares of the company worth $29,000 after purchasing an additional 270 shares during the period. Confluence Wealth Services Inc. bought a new stock position in McCormick & Company, Incorporated during the fourth quarter, valued at $29,000. Finally, Riverview Trust Co bought a new position in shares of McCormick & Company, Incorporated during the first quarter at a value of $31,000. 74.86% of the shares are held by institutional investors.
About McCormick & Company, Incorporated (Get a rating)
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning blends, condiments and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs and seasonings, as well as condiments and sauces and desserts.
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