Analysts at Wellington Shields on Friday initiated coverage on spice maker McCormick & Company, Inc. (MKC) with a “Buy” rating.

The firm also set a $74 price target on MKC, which suggests an 18% upside to the stock’s Thursday closing price of $62.71.

A Wellington Shields analyst commented, “McCormick, a leading provider of spices and seasonings for consumer and industrial customers, has a long history of growth. We estimate that sales and earnings can grow at 11% for at least the next five years, with a boost from recent strategic acquisitions in emerging markets.”

McCormick & Co. shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of McCormick & Co. (MKC) have a 1.98% dividend yield, based on last night’s closing stock price of $62.71. The stock has technical support in the $58-$60 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.