Jefferies Believes McCormick & Company (MKC) Won’t Stop Here


Jefferies analyst Akshay Jagdale maintained a Buy rating on McCormick & Company (NYSE: MKC) today and set a price target of $135. The company’s shares closed yesterday at $129.89, close to its 52-week high of $132.83.

Jagdale commented:

“3Q operating results were slightly below expectations, primarily driven by higher brand marketing investments. Organic sales growth was strong at 4% while gross margins were better than expected. The miss in reported sales growth was driven by lower contributions from FX and M&A. Constant currency guidance for sales and EBIT was maintained while EPS guidance was increased owing to lower tax rate.”

According to TipRanks.com, Jagdale is a 3-star analyst with an average return of 3.5% and a 51.7% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, J & J Snack Foods, and Pilgrim’s Pride.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for McCormick & Company with a $122.33 average price target.

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The company has a one-year high of $132.83 and a one-year low of $93.70. Currently, McCormick & Company has an average volume of 818K.

Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. Last month, Alan Wilson, a Director at MKC sold 100,000 shares for a total of $12,530,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

McCormick & Co., Inc. engages in the manufacture, market, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Industrial business segments.

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