Jefferies Boosts Price Target for McCormick & Co. Following Solid Q2 (MCK)

Spices and seasonings maker McCormick & Company, Inc. (MKC) late Thursday caught some bullish commentary from analysts at Jefferies & Co following the company’s solid second quarter earnings report.

The firm reiterated its “Buy” rating on MKC and lifted its price target from $62 to $67. That new target suggests a 13% upside to the stock’s Thursday closing price of $59.06.

A Jefferies analyst commented, “MKC’s 2Q12 earnings of $0.60 were in line with our model as the company demonstrated its stable and high-quality business model. Inventory levels have started to decline sequentially, volume and price performance are well balanced and the organic growth rate outperforms most peers. We continue to see MKC as the best positioned large cap packaged food name in our universe. On the negative side, the industrial EBIT margin declined again.”

McCormick shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of McCormick & Company (MKC) have a 2.10% dividend yield, based on last night’s closing stock price of $59.06. The stock has technical support in the $54-$56 price area. The shares are trading at all-time highs.

McCormick & Company, Inc. (MKC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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