JPMorgan Chase & Co. Cuts McCormick & Company, Incorporated (NYSE:MKC) Price Target to $66.00

McCormick & Company, Incorporated (NYSE:MKC) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $68.00 to $66.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 8.51% from the company’s previous close.

A number of other equities analysts have also commented on MKC. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $91.00 in a research note on Monday, December 9th. TD Cowen raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their price target for the company from $86.00 to $90.00 in a research note on Wednesday, January 8th. Bank of America boosted their price target on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus boosted their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of “Moderate Buy” and an average price target of $82.63.

McCormick & Company, Incorporated Trading Up 0.3 %

Shares of NYSE:MKC traded up $0.25 during midday trading on Wednesday, hitting $72.14. 78,874 shares of the stock were exchanged, compared to its average volume of 1,665,534. The stock has a market capitalization of $19.36 billion, a price-to-earnings ratio of 24.54, a P/E/G ratio of 3.44 and a beta of 0.75. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71. The business’s 50-day moving average price is $77.05 and its 200 day moving average price is $77.90. McCormick & Company, Incorporated has a 12 month low of $63.88 and a 12 month high of $85.49.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Jacques Tapiero sold 5,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $77.34, for a total transaction of $386,700.00. Following the completion of the sale, the director now owns 28,217 shares in the company, valued at approximately $2,182,302.78. This represents a 15.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 20,000 shares of company stock valued at $1,565,850 over the last ninety days. 22.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several institutional investors have recently bought and sold shares of MKC. State Street Corp grew its holdings in McCormick & Company, Incorporated by 7.8% during the third quarter. State Street Corp now owns 15,315,905 shares of the company’s stock worth $1,260,499,000 after buying an additional 1,114,706 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in McCormick & Company, Incorporated by 97,525.5% during the second quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock worth $69,256,000 after buying an additional 975,255 shares in the last quarter. Marshall Wace LLP bought a new stake in McCormick & Company, Incorporated during the second quarter worth $51,286,000. Benjamin Edwards Inc. grew its holdings in McCormick & Company, Incorporated by 2,778.8% during the third quarter. Benjamin Edwards Inc. now owns 456,920 shares of the company’s stock worth $37,606,000 after buying an additional 441,048 shares in the last quarter. Finally, Millennium Management LLC grew its stake in McCormick & Company, Incorporated by 111.2% in the 2nd quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock valued at $52,041,000 after purchasing an additional 386,320 shares during the period. Institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, 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.