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Citigroup upgrades McCormick & Co., Inc. (MKC) rating to a Neutral

McCormick & Co., Inc.’s recently made public that its Director Kurzius Lawrence Erik unloaded Company’s shares for reported $5.9 million on May 21 ’24. In the deal valued at $73.75 per share,80,000 shares were sold. As a result of this transaction, Kurzius Lawrence Erik now holds 199,258 shares worth roughly $14.0 million.

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Then, Jenkins Katherine sold 2,732 shares, generating $207,390 in total proceeds. Upon selling the shares at $75.91, the Chief Growth Officer now owns 0 shares.

Before that, Jenkins Katherine sold 1,726 shares. McCormick & Co., Inc. shares valued at $128,326 were divested by the Chief Growth Officer at a price of $74.35 per share. As a result of the transaction, Jenkins Katherine now holds 0 shares, worth roughly $0.0.

Citigroup upgraded its McCormick & Co., Inc. [MKC] rating to a Neutral from a a Sell in a research note published on June 12, 2024; the price target was increased to $69 from $68. A number of analysts have revised their coverage, including Argus’s analysts, who increased its forecast for the stock in early April from “a Hold” to “a Buy”. Citigroup began covering MKC with “Sell” recommendation on February 01, 2024. Consumer Edge Research revised its rating on January 22, 2024. It rated MKC as “an Equal weight” which previously was an “an Overweight”.

Price Performance Review of MKC

On Tuesday, McCormick & Co., Inc. [NYSE:MKC] saw its stock jump 0.41% to $70.24. Over the last five days, the stock has gained 2.48%. McCormick & Co., Inc. shares have risen nearly 2.66% since the year began. Nevertheless, the stocks have fallen -19.48% over the past one year. While a 52-week high of $90.45 was reached on 04/02/24, a 52-week low of $59.13 was recorded on 01/18/24. SMA at 50 days reached $72.18, while 200 days put it at $69.20. A total of 1.78 million shares were traded, compared to the trading of 2.43 million shares in the previous session.

Levels Of Support And Resistance For MKC Stock

The 24-hour chart illustrates a support level at 69.68, which if violated will result in even more drops to 69.13. On the upside, there is a resistance level at 70.73. A further resistance level may holdings at 71.23. The Relative Strength Index (RSI) on the 14-day chart is 50.57, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.29, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 38.03%. Stochastics%K at 65.40% indicates the stock is a holding.

The most recent change occurred on September 22, 2023 when HSBC Securities began covering the stock and recommended ‘”a Hold”‘ rating along with a $86 price target.

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