Clean Yield Group reduced its stake in shares of McCormick & Co. (NYSE:MKC) by 1.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 59,947 shares of the company’s stock after selling 830 shares during the period. McCormick & Co. accounts for about 2.7% of Clean Yield Group’s holdings, making the stock its 4th largest position. Clean Yield Group’s holdings in McCormick & Co. were worth $6,395,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. boosted its stake in McCormick & Co. by 15.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,882,526 shares of the company’s stock valued at $386,234,000 after buying an additional 515,435 shares during the last quarter. BlackRock Group LTD boosted its stake in McCormick & Co. by 25.3% in the first quarter. BlackRock Group LTD now owns 1,484,525 shares of the company’s stock valued at $147,682,000 after buying an additional 300,079 shares during the last quarter. BlackRock Fund Advisors boosted its stake in McCormick & Co. by 9.6% in the first quarter. BlackRock Fund Advisors now owns 2,860,375 shares of the company’s stock valued at $284,550,000 after buying an additional 250,153 shares during the last quarter. Renaissance Technologies LLC boosted its stake in McCormick & Co. by 231.7% in the first quarter. Renaissance Technologies LLC now owns 232,200 shares of the company’s stock valued at $23,099,000 after buying an additional 162,200 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in McCormick & Co. during the second quarter valued at $17,132,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded down 0.39% during mid-day trading on Thursday, reaching $97.39. 800,558 shares of the company’s stock traded hands. McCormick & Co. has a 12 month low of $77.65 and a 12 month high of $107.84. The company has a market cap of $12.33 billion, a price-to-earnings ratio of 28.88 and a beta of 0.48. The company has a 50 day moving average of $99.67 and a 200 day moving average of $99.17.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Thursday, June 30th. The company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. The firm earned $1.06 billion during the quarter. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 EPS. Analysts expect that McCormick & Co. will post $3.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s payout ratio is 50.89%.
Several research analysts have recently issued reports on MKC shares. Sanford C. Bernstein lowered shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. Citigroup Inc. raised shares of McCormick & Co. from a “sell” rating to a “neutral” rating and raised their target price for the company from $85.00 to $102.00 in a research note on Thursday, June 23rd. Deutsche Bank AG reduced their target price on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, September 23rd. Finally, Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 target price on the stock in a research note on Thursday, August 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $97.11.
In other news, Director Patricia A. Little sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total value of $402,075.00. Following the completion of the transaction, the director now owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the transaction, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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