JPMorgan Chase & Co. Has Lowered Expectations for McCormick & Company, Incorporated (NYSE:MKC) Stock Price

McCormick & Company, Incorporated (NYSE:MKC) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $64.00 to $63.00 in a research report issued to clients and investors on Friday,MarketScreener reports. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 28.38% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. BTIG Research initiated coverage on shares of McCormick & Company, Incorporated in a research note on Tuesday, April 14th. They issued a “neutral” rating on the stock. Zacks Research upgraded shares of McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 7th. Jefferies Financial Group lowered their target price 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a research report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, March 30th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $63.27.

McCormick & Company, Incorporated Price Performance

Shares of NYSE:MKC traded down $0.16 during trading on Friday, reaching $49.07. 398,222 shares of the company traded hands, compared to its average volume of 4,114,902. The firm has a market capitalization of $13.19 billion, a PE ratio of 8.05, a PEG ratio of 2.46 and a beta of 0.65. McCormick & Company, Incorporated has a 52 week low of $44.82 and a 52 week high of $78.16. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $49.21 and its two-hundred day moving average is $59.34.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. As a group, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 earnings per share for the current year.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley purchased 2,000 shares of the company’s stock in a transaction dated Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the purchase, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. This represents a 220.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Aristotle Capital Management LLC boosted its stake in shares of McCormick & Company, Incorporated by 231.9% during the 1st quarter. Aristotle Capital Management LLC now owns 12,664,378 shares of the company’s stock worth $638,795,000 after purchasing an additional 8,848,235 shares during the period. Invesco Ltd. raised its stake in McCormick & Company, Incorporated by 66.7% in the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock valued at $417,006,000 after buying 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% in the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company’s stock worth $187,183,000 after buying an additional 1,124,003 shares during the last quarter. Diamant Asset Management Inc. increased its holdings in McCormick & Company, Incorporated by 4,848.6% in the 1st quarter. Diamant Asset Management Inc. now owns 1,046,630 shares of the company’s stock worth $52,792,000 after buying an additional 1,025,480 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in McCormick & Company, Incorporated during the fourth quarter valued at approximately $64,522,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

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.