Ultime notizie per McCormick & Co (NYSE:MKC) Azioni

McCormick & Co

In its 135-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings. Beyond end consumers, McCormick's customer base also includes top quick-service restaurants, retail grocery chains, and other packaged food and beverage manufacturers. And its reach is global, with nearly 40% of sales generated beyond its home turf to include 150 other countries and territories. In addition to its namesake brand, the firm's portfolio includes Old Bay, Zatarain's, Thai Kitchen, Frank's RedHot, French's, and Cholula, among others.

McCormick & Company, Incorporated Common Stock

McCormick & Co Inc

Medikit Co Ltd

McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/MKC/earnings">opening bell on Tuesday, Oct. 1.</a>
Analysts expect the Hunt Valley, Maryland-based company to report quarterly earnings at 67 cents per share, up from 65 cents per share in the year-ago period. McCormick is projected to post quarterly revenue of $1.67 billion, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
With the recent buzz around McCormick, some investors may be eyeing potential gains from the company's dividends. As of now, McCormick has a dividend yield of 2.02%. That&#8217;s a quarterly dividend of 42 cents a share ($1.68 a year).
To earn $500 monthly from McCormick, start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by McCormick's $1.68 dividend: $6,000 / $1.68 = 3,571 shares
So, an investor would need to own approximately $297,250 worth of McCormick, or 3,571 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $1.68 = 714 shares, or $59,433 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
Price Action: Shares of McCormick edged lower by 0.01% to close at $83.24 on Friday.
On Sept. 17, Bank of America Securities analyst Peter Galbo maintained McCormick with a Buy rating and raised the price target from $86 to $95.
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Earnings

Long Ideas

News

Markets

Trading Ideas

How To Earn $500 A Month From McCormick Stock Ahead Of Q3 Earnings

McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/MKC/earnings">opening bell on Tuesday, Oct. 1.</a>
Analysts expect the Hunt Valley, Maryland-based company to report quarterly earnings at 67 cents per share, up from 65 cents per share in the year-ago period. McCormick is projected to post quarterly revenue of $1.67 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 24, the company's board declared a quarterly dividend of 42 cents per share.
McCormick shares fell 0.2% to close at $83.25 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/580f253b846faa000139ba71/robert-moskow">TD Cowen analyst Robert Moskow</a> maintained a Hold rating and cut the price target from $75 to $73 on June 24. This analyst has an accuracy rate of 68%.</li>
<li>Argus Research analyst John Staszak upgraded the stock from Hold to Buy with a price target of $88 on April 2. This analyst has an accuracy rate of 68%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/60a26db838c1fd0001800f03/matthew-smith">Stifel analyst Matthew Smith</a> maintained a Hold rating and boosted the price target from $70 to $75 on March 27. This analyst has an accuracy rate of 70%.</li>
<li>JP Morgan analyst Ken Goldman maintained an Underweight rating and cut the price target from $59 to $57 on Jan. 26. This analyst has an accuracy rate of 83%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6388ac9b8d677d0001aee596/connor-rattigan">Consumer Edge Research analyst Connor Rattigan</a> downgraded the stock from Overweight to Equal-Weight on Jan. 22. This analyst has an accuracy rate of 70%.</li>
</ul>
Considering buying MKC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-1024x512.png" alt="" class="wp-image-569119" style="width:632px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217.png 1330w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Price Target

Analyst Ratings

McCormick Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

B of A Securities analyst Peter Galbo maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Buy and raises the price target from $86 to $95.

B of A Securities Maintains Buy on McCormick & Co, Raises Price Target to $95

Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday&#8217;s release of the Federal <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">Reserve&#8217;s preferred inflation gauge.</a>
In regulatory news, U.S. banks successfully passed the Federal Reserve&#8217;s 2024 stress tests. The results demonstrated that all analyzed institutions could maintain minimum capital requirements even in the face of a severe economic shock. Notably, regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), performed relatively better overall compared to their larger counterparts. 
As of midday trading in New York, major indices showed marginal gains, with small caps outperforming large-cap indices. 
The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) down 0.7%, eyeing its fifth negative session in the last six. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined almost 2%.
Treasury yields moved lower, reflecting increased demand for bonds ahead of the key inflation report. The yield on the 10-year Treasury bond fell by 4 basis points to 4.29%, following an 8 basis-point increase on Wednesday. The iShares 20+ Year Treasury ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.5%.
In the commodities market, lower yields and a slightly weaker dollar spurred rebounds. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), gained 1.2%, erasing Wednesday&#8217;s losses, while crude inched 0.7% higher. 
Cryptocurrencies also saw gains, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) up 1.3% and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) surging over 8% following VanEck&#8217;s filing for <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">a Solana ETF application.</a>
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.84</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,802.54</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,220.82</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,481.94</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:51 p.m. ET</figcaption></figure>
According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data</a>:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $545.95.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $391.94.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $481.55.</li>
<li>Sector-wise, the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, falling 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Salesforce Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) rallied 6%, marking the best performance within the S&amp;P 500. </li>
<li>Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) fell 2.3%, in reaction to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">the Fed&#8217;s stress tests.</a> </li>
<li>Among regional banks First Foundations Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Dime Community Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>) topped gains, up 5.9% and 4%, respectively. </li>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) increased by 2.2% after unveiling a new section on its website focused on budget-friendly fashion and lifestyle products, facilitating direct shipping from Chinese sellers to U.S. consumers. Chinese e-commerce platforms&nbsp;PDD Holdings Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Alibaba Group Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) fell 4%, 3.8% and 1.9%, respectively. </li>
<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) tumbled 25%, in reaction to quarterly earnings. </li>
<li>Other stocks reacting to company earnings were Micron Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), down 6.4%, Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>), up 6.7%, Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), down 16.5%, McCormick &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), up 4.6%, Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) up 0.9%, The Simply Good Foods Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMPL#NASDAQ">SMPL</a>), down 1.7%.</li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39530805/microns-q3-earnings-8-analysts-optimistic-about-ai-growth-predict-success-in-advanc">Micron&#8217;s Q3 Earnings: 8 Analysts Optimistic About AI Growth, Predict Success In Advanced Memory Technology</a></li>
</ul>
Photo: Shutterstock

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Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?

Shares of McCormick &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) are trading higher after the company reported better-than-expected second-quarter FY24 earnings.
The company reported a second-quarter FY24 sales decline of 1% year-on-year to $1.643 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39520091/mccormick-reports-second-quarter-performance-reaffirms-2024-outlook-and-announces-2024-investor-da" rel="noreferrer noopener">beating the analyst consensus estimate of $1.637 billion.</a>
Flavor Solutions segment sales declined by 1%, reflecting a&nbsp;1%&nbsp;increase from pricing offset by a&nbsp;2%&nbsp;decline in volume and product mix as well as the strategic decision to divest its canning business.
Consumer segment sales decreased&nbsp;1%, with minimal currency impact, reflecting a&nbsp;1%&nbsp;decrease from pricing partially offset by modest volume growth.
Gross profit was $619.6 million, with the margin expanding 60 basis points Y/Y to 37.7%.
Adjusted operating margin expanded 20 basis points to 14.2%. Adjusted EPS of $0.69 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the consensus estimate of $0.59</a>.
McCormick held $166.3 million in cash and equivalents as of May-end. The company generated an operating cash flow of $302 million in the quarter.
&#8220;The investments we made in our Consumer segment drove substantial sequential volume improvement in the second quarter, leading to volume growth, and we expect continued momentum for the second half of the year,&#8221; said President and CEO Brendan M. Foley.
Outlook Reaffirmed: McCormick sees FY24 sales growth of (2)% &#8211; 0%. The company expects an adjusted EPS of $2.80 &#8211; $2.85 versus an estimate of $2.87.
The company plans to host its Investor Day on&nbsp;October 22, 2024,&nbsp;in&nbsp;Hunt Valley, Maryland, and discuss its long-term strategy and financial&nbsp;outlook.
Price Action: MKC shares are trading higher by 3.81% at $70.25 in premarket at last check Thursday.
Photo by Mike Mozart via Flickr

Guidance

Movers

General

Why Food Company McCormick Shares Are Shooting Higher Today

The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">a string of economic catalysts. </a>The negative reaction to Micron Technology, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings could generate weakness in the tech space. AI stalwart Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) two-day rally is cooling off following its annual shareholder meeting. Bond yields have ticked up, with the 10-year-old Treasury yield holding above the 4.3% mark.
Traders may bide their time amid the fluid situation in a bid to see off late Thursday&#8217;s presidential debate and Federal Reserve&#8217;s preferred inflation gauge due on Friday.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.11%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.16%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.12%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.05% at $545.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.08% to $479.98, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Stocks closed higher on Wednesday although sentiment remained lackluster throughout the session amid caution. The major averages opened lower and the tech strength kept the Nasdaq Composite Index mostly above the unchanged line but the S&amp;P 500 Index and the Dow Jones Industrial Average traded mostly below the flat line before recovering by the close of the session.
Most S&amp;P 500 sector stocks ended weaker, while consumer discretionary stocks found strong buying interest. IT and communications stocks rose modestly.
On the Main Street front, new home sales came in weaker than expected, although one could take comfort from the fact that previous months&#8217; readings were upwardly revised. House prices remained weak.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.49%</td>
<td>17,805.16</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.16%</td>
<td>5,477.90</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.04%</td>
<td>39,127.80</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.21%</td>
<td>2,018.12</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley&#8217;s Chief U.S. Equity Strategist Matt Wilson advised against the temptation to play for a true broadening out until the macro environment makes a meaningful shift. &#8220;The ongoing policy mix of heavy fiscal spending and tight interest rate policy is crowding out many companies and consumers in a way that is unsustainable in our view,&#8221; he said.
Investors are therefore bidding up the few stocks of the companies that are doing well in this environment, Wilson said. &#8220;Until the bond market pushes back via higher term premium or growth slows down in a more meaningful way, we expect this narrow market performance to persist,&#8221; he added.
The strategist said he continues to recommend a &#8220;barbell of large-cap quality growth with defensives while fading cyclicals.&#8221;
On the other hand, Fund Strat&#8217;s Tom Lee expects the momentum to continue for multiple years. The S&amp;P 500 Index can compound at more than 15% annually over the next seven years and hit 15,000 by 2030, <a href="https://www.benzinga.com/markets/equities/24/06/39519696/fundstrats-tom-lee-predicts-s-p-500-will-hit-15-000-by-2030-driven-by-gen-z-and-ai-wave">he said in an interview </a>with CNBC. His optimism is predicated on favorable demographics, ie millennials and Gen X driving growth in prime-age works, and AI driving a surge in demand for U.S. technology.
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is scheduled to release its final first-quarter GDP estimate at 8:30 a.m. EDT. Economists, on average, expect quarter-over-quarter GDP growth to be revised up from 1.3% to 1.4%. Traders may also keep an eye on the inflation components of the report.</li>
<li>The Census Bureau will release the durable goods orders report for May at 8:30 a.m. EDT. The consensus estimate calls for a 1% month-over-month drop in durable goods orders, reversing all of the 0.6% growth in April. Core durable goods orders that strip off transportation orders may have increased by 0.2%, half as much as the growth seen in the previous month.</li>
<li>The National Association of Realtors&#8217; pending home sales index, due at 10 a.m. EDT, is expected to show a 0.4% month-over-month drop for May versus April&#8217;s 7.7% fall. </li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and seven-year notes at 1 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Micron fell nearly 4.75% <a href="https://www.benzinga.com/markets/equities/24/06/39520174/micron-technology-stock-drops-over-5-in-pre-market-despite-beating-q3-revenue-estimates-heres-wh">in premarket trading </a>in reaction to the memory chipmaker&#8217;s results.</li>
<li>H.B. Fuller Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) rose nearly 3%, Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) climbed over 3% and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) plunged over 15%, also on earnings.</li>
<li>Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), Apogee Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>), McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) and NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">release their quarterly results.</a></li>
<li>International Paper Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) fell nearly 15% on a <a href="https://www.benzinga.com/markets/equities/24/06/39519611/international-paper-shares-dip-15-in-pre-market-after-suzano-drops-acquisition-pursuit">scuttled buyout deal.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil and futures firmed up, and the benchmark 10-year U.S. Treasury note rose 1.1 basis points to 4.327%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to flatline around the $61K mark.
Micron&#8217;s earnings and caution ahead of key U.S. data dragged the Asian stocks lower, as the major averages in the region, with the exception of those in India, Indonesia and Singapore, closed lower. The yen plunged to a 38-year low against the dollar amid worries concerning domestic growth. European stocks also showed tentativeness in early trading. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">Fed Stress Test 2024: Large Banks Face Greater Losses But Maintain Strong Capital Positions In Severe Recession Scenario</a>
Image Via Shutterstock

Futures

Previews

Federal Reserve

Pre-Market Outlook

APOG

Wall Street Set For Weak Opening As Tech Rally Falters With Micron, Nvidia Edging Lower: Analyst Says Narrow Market Performance To Persists Unless One Of These Materializes

WIIM

McCormick shares are trading higher following better-than-expected Q2 financial results.

In 2024, McCormick expects sales to range between (2)% to&nbsp;0%&nbsp;compared to 2023, or (1)% to&nbsp;1%&nbsp;on a constant currency basis. The Company expects a favorable impact from the prior year&#39;s pricing actions. Through the power of its brands and its targeted investments, the Company expects to improve volume trends as the year progresses and return to volume growth, absent any new macroeconomic headwinds.
The Company&#39;s strategic decisions in 2023 to discontinue low margin business and divest a small canning business will impact volume growth in 2024.
For fiscal 2024, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.

McCormick Reaffirms FY24 Outlook; Expects Sales To Range (2)% To 0%, Adj EPS Of $2.80 - $2.85, Est $2.87

McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) reported quarterly earnings of $0.69 per share which beat the analyst consensus estimate of $0.59 by 16.95 percent. This is a 15 percent increase over earnings of $0.60 per share from the same period last year. The company reported quarterly sales of $1.643 billion which beat the analyst consensus estimate of $1.637 billion by 0.34 percent. This is a 0.96 percent decrease over sales of $1.659 billion the same period last year.

Earnings Beats

McCormick & Co Q2 2024 Adj EPS $0.69 Beats $0.59 Estimate, Sales $1.643B Beat $1.637B Estimate

On that date,&nbsp;Mike Smith&nbsp;will continue with the company as Executive Vice President until his retirement on&nbsp;February 28, 2025.&nbsp;Smith has served as Executive Vice President and CFO since 2016.&nbsp;

Management

McCormick Promotes Marcos Gabriel To Executive Vice President And CFO, Effective December 1, 2024

TD Cowen analyst Robert Moskow maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Hold and lowers the price target from $75 to $73.

TD Cowen Maintains Hold on McCormick & Co, Lowers Price Target to $73

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Needham analyst Mike Matson upgraded the rating for Haemonetics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAE#NYSE">HAE</a>) from Hold to Buy and announced a price target of $112. Haemonetics shares fell 2.8% to close at $83.41 on Tuesday. <a href="https://www.benzinga.com/quote/HAE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley analyst Meta Marshall upgraded Ciena Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) from Equal-Weight to Overweight, while raising the price target from $53 to $55. Ciena shares rose 0.2% to settle at $45.92 on Tuesday. <a href="https://www.benzinga.com/quote/CIEN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup analyst Thomas Palmer upgraded McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) from Sell to Neutral and increased the price target from $68 to $69. McCormick shares rose 1.6% to settle at $69.20 on Tuesday. <a href="https://www.benzinga.com/quote/MKC/analyst-ratings">See how other analysts view this stock. See how other analysts view this stock.</a></li>
<li>Barclays analyst Raimo Lenschow upgraded the rating for Klaviyo, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVYO#NYSE">KVYO</a>) from Equal-Weight to Overweight, while boosting the price target from $25 to $29. Klaviyo shares rose 0.1% to close at $22.58 on Tuesday. <a href="https://www.benzinga.com/quote/KVYO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup analyst Thomas Palmer upgraded Darling Ingredients Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAR#NYSE">DAR</a>) from Neutral to Buy and announced a price target of $48. Darling Ingredients shares fell 1.5% to settle at $37.34 on Tuesday. <a href="https://www.benzinga.com/quote/DAR/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
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CIEN

KVYO

This McCormick Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Wednesday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Piper Sandler raised the price target for Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) from $140 to $150. Piper Sandler analyst Brent Bracelin maintained an Overweight rating. Oracle shares fell 0.5% to close at $123.88 on Tuesday. <a href="https://www.benzinga.com/quote/ORCL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Telsey Advisory Group cut the price target for Academy Sports and Outdoors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>) from $75 to $65. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating. Academy Sports shares fell 3.2% to close at $51.69 on Tuesday. <a href="https://www.benzinga.com/quote/ASO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley increased Ciena Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) price target from $53 to $55. Morgan Stanley analyst Meta Marshall upgraded the stock from Equal-Weight to Overweight. Ciena shares rose 0.2% to close at $45.92 on Monday<a href="https://www.benzinga.com/quote/CIEN/analyst-ratings">. See how other analysts view this stock.</a></li>
<li>Barclays cut the price target for Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) from $310 to $275. Barclays analyst Saket Kalia maintained an Overweight rating. Autodesk shares fell 3.1% to close at $211.50 on Tuesday. <a href="https://www.benzinga.com/quote/ADSK/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Citigroup raised McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) price target from $68 to $69. Citigroup analyst Thomas Palmer upgraded the stock from Sell to Neutral. McCormick shares rose 1.6% to close at $69.20 on Tuesday. <a href="https://www.benzinga.com/quote/MKC/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham boosted Mereo BioPharma Group plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MREO#NASDAQ">MREO</a>) price target from $6 to $7. Needham analyst Gil Blum maintained a Buy rating. Mereo BioPharma shares rose 1.4% to close at $3.52 on Tuesday. <a href="https://www.benzinga.com/quote/MREO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Wells Fargo boosted the price target for NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) from $120 to $135. Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating. NetApp shares gained 2.1% to close at $125.47 on Tuesday. <a href="https://www.benzinga.com/quote/NTAP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Rosenblatt cut NICE Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NICE#NASDAQ">NICE</a>) price target from $285 to $225. Rosenblatt analyst Catharine Trebnick maintained a Buy rating. NICE shares fell 0.1% to close at $174.94 on Tuesday. <a href="https://www.benzinga.com/quote/NICE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Citigroup increased Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) price target from $93 to $96. Citigroup analyst Ronald Josey maintained a Buy rating. Uber shares rose 1.4% to close at $69.59 on Tuesday. <a href="https://www.benzinga.com/quote/UBER/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley cut Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) price target from $180 to $175. Morgan Stanley analyst Brian Nowak maintained an Overweight rating. Darden shares fell 0.7% to close at $146.61 on Tuesday. <a href="https://www.benzinga.com/quote/DRI/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/06/39285495/oracle-broadcom-and-other-3-key-stocks-to-watch-on-wednesday">Oracle, Broadcom And Other 3 Key Stocks To Watch On Wednesday</a>

ADSK

MREO

NICE

NTAP

ORCL

UBER

Uber To Rally Around 38%? Here Are 10 Top Analyst Forecasts For Wednesday

Citigroup analyst Thomas Palmer upgrades McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) from Sell to Neutral and raises the price target from $68 to $69.

Upgrades

Citigroup Upgrades McCormick & Co to Neutral, Raises Price Target to $69

U.S. stock markets have seen an impressive rally in 2024 barring an April setback. This strong performance continues after an astonishing rally in 2023. However, several key economic data from April indicate that the U.S. economy is cooling.
The Department of Commerce reported that U.S. GDP grew at a 1.6% annualized rate in first-quarter 2024, well below the consensus estimate of 2.5%. Moreover, the Institute of Supply Management reported that both manufacturing and services PMIs (purchasing managers&#39; index) contracted in April.
The U.S. economy added 175,000 jobs in April, missing the consensus estimate of 200,000. The unemployment rate increased to 3.9% in April, compared with the consensus estimate and March&#39;s data of 3.8%. April marked the highest level since January 2022.
Month over month, the average hourly earnings rate dropped to 0.2% in April, compared with the consensus estimate and March&#39;s data of 0.3%. Year over year, the wage rate increased 3.9% in April, below the consensus estimate of 4%.
The Department of Commerce reported that retail sales in April remained flat month over month. However, the consensus estimate was for an increase of 0.4%. The data for March was revised downward to an increase of 0.6% from 0.7% reported earlier.
Year over year, retail sales increased 2.7% in April. Meanwhile, the consumer price index &mdash; a key inflation gauge &mdash; increased 3.4% year over year in April. This clearly indicates that consumers did not keep up with the pace of price increases.
The University of Michigan reported that the final reading of consumer sentiment in May came in at 69.1%. However, the final reading of May was well below April&#39;s final reading of 77.2%. May&#39;s reading was the lowest since November 2023.
The sub-index for current economic conditions in May came in at 69.6% compared with 79% in April. Similarly, the sub-index for consumer expectations came in at 68.8%, compared with 76% in April.
At this stage, investment in defensive stocks like consumer staples to stabilize your portfolio should be a prudent strategy.
<h3>Consumer Staples Immune to Vagaries of Economic Cycle</h3>
The consumer staples sector is mature and fundamentally strong as demand for such services is generally immune to changes in the economic cycle. The consumer staples sector includes companies that provide necessities and products for daily use. This makes the sector defensive in nature.
Therefore, this has always been a go-to place for investors, who want to play it safe during extreme market fluctuations irrespective of internal or external disturbances. Moreover, the sector is known for the stability and visibility of its earnings and cash flows. Consequently, adding stocks from the consumer staples basket lends more stability to one&#39;s portfolio.
<h3>Our Top Picks</h3>
We have narrowed our search to five consumer staples stocks with strong growth potential for 2024. These stocks have seen positive earnings estimate revisions in the last 60 days. Each of our picks carries a Zacks Rank #2 (Buy).
The chart below shows the price performance of our five picks year to date.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ef/67554.jpg?v=158226467" /> 
Image Source: Zacks Investment Research
Colgate-Palmolive Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cl#NYSE">CL</a>) has been gaining from strong pricing, and the benefits of funding growth and other productivity efforts. This, along with solid business momentum, led to CL&#39;s robust performance during first-quarter 2024.
With regard to accelerated revenue growth, management plans aided CL&#39;s organic sales in the first quarter. Gross margin expanded by 310 basis points. CL anticipates net sales growth of 2-5% for 2024, higher than the 1-4% growth mentioned earlier.
Colgate-Palmolive has an expected revenue and earnings growth rate of 3.9% and 9.3%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.9% over the last 30 days.
Tyson Foods Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsn#NYSE">TSN</a>) is focused on executing fundamental strategies to maximize its multi-protein portfolio. TSN raised its adjusted operating income guidance for fiscal 2024, reflecting confidence in its future performance.
With a diverse portfolio of core proteins and iconic brands, TSN continues to invest in brand building and innovation to drive long-term growth, domestically and internationally. The operational excellence of TSN remains another upside, with initiatives like plant closures and digitalization.
Tyson Foods has an expected revenue and earnings growth rate of 0.1% and 91%, respectively, for the current year (ending September 2024). The Zacks Consensus Estimate for current-year earnings has improved 9.9% over the last 30 days.
McCormick &amp; Company Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mkc#NYSE">MKC</a>) recent success stems from its robust strategic initiatives, driving shares up against industry decline. With a global portfolio aligned with consumer trends and innovative product platforms, MKC&#39;s focus on growth areas and efficiency bolsters its market presence.
MKC projects continued growth, prioritizing investments and cost-saving programs. Despite challenges like cost inflation and volume declines, MKC&#39;s acquisitions and efficiency programs promise margin expansion.
McCormick &amp; Company has an expected revenue and earnings growth rate of 0.3% and 5.6%, respectively, for the current year (ending November 2024). The Zacks Consensus Estimate for current-year earnings has improved 1.1% over the last 60 days.
PepsiCo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pep#NASDAQ">PEP</a>) has been benefiting owing to its strength and resilience in core categories, diversified portfolio, modernized supply chain, improved digital capabilities, flexible go-to-market distribution systems and robust consumer demand trends.
Additionally, PEP&#39;s international business continues to be the hallmark its overall performance, delivering significant volume and organic revenue growth in the first quarter. These factors along with robust pricing aided PepsiCo&#39;s earnings and organic revenues in first-quarter 2024. PEP&#39;s productivity and cost-management initiatives bode well. For 2024, PEP expects to deliver organic revenue growth of at least 4%.
PepsiCo has an expected revenue and earnings growth rate of 3.4% and 7.2%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 30 days.
Freshpet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/frpt#NASDAQ">FRPT</a>) is a pet food company. FRPT manufactures and markets natural fresh foods, refrigerated meals, and treats for dogs and cats in the United States and Canada. FRPT sells its products under the Freshpet, Dognation, and Dog Joy brand names.
FRPT provides meat-based recipes, such as chicken, beef, lamb and salmon; fruits and vegetables, such as carrots, peas and leafy green vegetables, and high-fiber grains, such as brown rice, oats and barley.
Freshpet has an expected revenue and earnings growth rate of 24.8% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 24.1% over the last seven days.
<a href="https://www.zacks.com/stock/news/2279939/5-consumer-staples-stocks-to-buy-for-a-stable-portfolio?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2279939">To read this article on Zacks.com click here.</a>

FRPT

5 Consumer Staples Stocks to Buy for a Stable Portfolio

The Nasdaq 100 closed higher by around 1.5% on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">McCormick</h3>
<ul>
<li>The Trade: McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) Chief Growth Officer Katherine Jenkins <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 1,726 shares</a> at an average price of $74.51. The insider received around $128,326 from selling those shares.</li>
<li>What's Happening: On April 2, Argus Research analyst John Staszak upgraded McCormick &amp; Co from Hold to Buy and announced an $88 price target.</li>
<li>What McCormick Does: In its more than 130-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<h3 class="wp-block-heading">Verint Systems</h3>
<ul>
<li>The Trade: Verint Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNT#NASDAQ">VRNT</a>) CEO and Chairman Dan Bodner <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 35,039 shares</a> at an average price of $30.00. The insider received around $1.05 million from selling those shares.</li>
<li>What's Happening: On March 27, Verint Systems posted upbeat quarterly results.</li>
<li>What Verint Does: Verint Systems Inc with its subsidiaries helps brands provide Boundless Customer Engagement.</li>
</ul>
<h3 class="wp-block-heading">Delta Air Lines</h3>
<ul>
<li>The Trade: Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) President Glen W Hauenstein <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 100,000 shares</a> at an average price of $49.05. The insider received around $4.9 million from selling those shares.</li>
<li>What's Happening: On April 10, Delta Air Lines reported better-than-expected first-quarter earnings.</li>
<li>What Delta Air Lines Does: Atlanta-based Delta Air Lines is one of the world&#8217;s largest airlines, with a network of over 300 destinations in more than 50 countries.</li>
</ul>
<h3 class="wp-block-heading">McDonald&#8217;s</h3>
<ul>
<li>The Trade: McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) President, McDonald&#8217;s USA Joseph M. Erlinger <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 1,098 shares</a> at an average price of $276.64. The insider received around $303,751 from selling those shares.</li>
<li>What's Happening: On April 16, Citigroup analyst Jon Tower maintained McDonald&#8217;s with a Neutral and lowered the price target from $312 to $297.</li>
<li>What McDonald&#8217;s Does: McDonald&#8217;s is the largest restaurant owner-operator in the world, with 2023 system sales of $130 billion across nearly than 42,000 stores and 115 markets.</li>
</ul>
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Short Ideas

Insider Trades

VRNT

Delta Air Lines, McDonald's And 2 Other Stocks Insiders Are Selling

Cognizant Technology Solutions (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctsh#NASDAQ">CTSH</a>) expansion into the retail industry is gaining momentum, driven by an expanding partner base. It recently announced a partnership with two tech giants Shopify (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shop#NYSE">SHOP</a>) and Alphabet&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) cloud division, Google Cloud to drive digital transformation and platform modernization for global retailers and brands. 
By combining Shopify&#39;s renowned commerce platform, Alphabet&#39;s cloud business, Google Cloud&#39;s robust infrastructure and Cognizant&#39;s expertise in retail advisory and technology implementation, the partnership is poised to drive significant advancements in customer experiences, global scalability and commerce platform modernization. 
The primary objective of this partnership is to address the essential requirements for retailers to adopt new technologies, such as generative AI, to meet the evolving consumer demands for real-time recommendations, personalized shopping assistance and tailored offers. 
Utilizing Shopify&#39;s commerce operating system on Google Cloud infrastructure, supported by Cognizant&#39;s guidance and implementation skills, brands can initiate transformative journeys that drive actual business value and improve customer experience across diverse retail landscapes.
<div class="chart_embed">
<h3>Cognizant Technology Solutions Corporation Price and Consensus</h3>
<a href="https://www.zacks.com/stock/chart/CTSH/price-consensus-chart?icid=chart-CTSH-price-consensus-chart" style="font-size: 13px;"><img alt="Cognizant Technology Solutions Corporation Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/8c/1712755802.png" style="height:285px; width:620px" title="" /></a>
Cognizant Technology Solutions Corporation price-consensus-chart | Cognizant Technology Solutions Corporation Quote
</div>
<h3>Cognizant&#39;s Prospects Rides on Expanding Clientele</h3>
The latest move is in sync with Cognizant&#39;s commitment to drive digital transformation in the retail sector through advanced technology and tailored solutions. 
Cognizant&#39;s expanding clientele has been a major growth driver. In addition to Shopify and Alphabet, Cognizant also recently collaborated with McCormik &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mkc#NYSE">MKC</a>), LexisNexis and NVIDIA (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>). 
Cognizant recently announced a partnership with McCormik &amp; Company to manage global technological infrastructure through AI-driven tools to improve user experiences, productivity and cost savings, thereby advancing McCormick&#39;s digital transformation journey. 
In March, Cognizant announced a multi-year extension of its agreement with LexisNexis Legal &amp; Professional, focusing on improving Lexis+ legal research solutions through cloud and digital engineering services. 
Cognizant&#39;s partnership with NVIDIA further bolstered its presence within the healthcare sector. 
Cognizant teamed with NVIDIA to apply gen-AI technology to transform drug discovery, aiming to accelerate development, reduce costs and improve patients&#39; outcomes while expanding into other sectors such as manufacturing and automotive industries. 
However, Cognizant&#39;s shares have declined 5.3% against the Zacks Computer &amp; Technology sector&#39;s rise of&nbsp; 11.7% year to date. 
The challenging macroeconomic environment, along with weakness in the Financial Services segment, has been a concern for CTSH&#39;s prospects. 
This Zacks Rank #4 (Sell) company expects first-quarter 2024 revenues to be between $4.68 billion and $4.76 billion, indicating a decline of 2.7% to 1.2%. 
The Zacks Consensus Estimate for the first quarter is pegged at $4.72 billion, indicating a year-over-year decline of 1.89%. 
The consensus mark for earnings is pegged at $1.11 per share, unchanged in the past 30 days.
<a href="https://www.zacks.com/stock/news/2253484/cognizant-ctsh-boosts-retail-sector-with-latest-partnership?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2253484">To read this article on Zacks.com click here.</a>

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McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) has been analyzed by 7 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $70.71, a high estimate of $88.00, and a low estimate of $57.00. This upward trend is apparent, with the current average reflecting a 5.85% increase from the previous average price target of $66.80.
<img src="https://www.benzinga.com/files/images/story/2024/1712077228_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive McCormick &amp; Co. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Staszak</td>
<td>Argus Research</td>
<td>Announces</td>
<td>Buy</td>
<td>$88.00</td>
<td>-</td>
</tr>
<tr>
<td>Andrew Lazar</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$76.00</td>
<td>$71.00</td>
</tr>
<tr>
<td>Matthew Smith</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$75.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Thomas Palmer</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Sell</td>
<td>$68.00</td>
<td>$60.00</td>
</tr>
<tr>
<td>Thomas Palmer</td>
<td>Citigroup</td>
<td>Announces</td>
<td>Sell</td>
<td>$60.00</td>
<td>-</td>
</tr>
<tr>
<td>Ken Goldman</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$57.00</td>
<td>$59.00</td>
</tr>
<tr>
<td>Lauren Lieberman</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$71.00</td>
<td>$74.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to McCormick &amp; Co. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of McCormick &amp; Co compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of McCormick &amp; Co's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into McCormick &amp; Co's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MKC/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on McCormick &amp; Co analyst ratings.</a>
<h2>About McCormick &amp; Co</h2>
In its more than 130-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings. Beyond end consumers, McCormick's customer base also includes top quick-service restaurants, retail grocery chains, and other packaged food and beverage manufacturers. And its reach is global, with nearly 40% of sales generated beyond its home turf to include 170 other countries and territories. In addition to its namesake brand, the firm's portfolio includes Old Bay, Zatarain's, Thai Kitchen, Frank's RedHot, French's, and Cholula, among others.
<h3>Understanding the Numbers: McCormick &amp; Co's Finances</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Revenue Growth: McCormick &amp; Co's remarkable performance in 3 months is evident. As of 29 February, 2024, the company achieved an impressive revenue growth rate of 2.38%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Consumer Staples sector.
Net Margin: McCormick &amp; Co's net margin is impressive, surpassing industry averages. With a net margin of 10.36%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): McCormick &amp; Co's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 3.23%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): McCormick &amp; Co's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 1.29%, the company may face hurdles in achieving optimal financial returns.
Debt Management: McCormick &amp; Co's debt-to-equity ratio is below the industry average. With a ratio of 0.85, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where McCormick & Co Stands With Analysts

Argus Research analyst John Staszak upgrades McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) from Hold to Buy and announces $88 price target.

Argus Research Upgrades McCormick & Co to Buy, Announces $88 Price Target

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Press Releases

McCormick & Company to Participate in Deutsche Bank's Annual dbAccess Global Consumer Conference

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