HL Financial Services LLC reduced its stake in McCormick & Co. (NYSE:MKC) by 8.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,100 shares of the company’s stock after selling 200 shares during the period. HL Financial Services LLC’s holdings in McCormick & Co. were worth $224,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in MKC. Meeder Asset Management Inc. increased its stake in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock valued at $169,000 after buying an additional 948 shares during the last quarter. Ferguson Wellman Capital Management Inc. bought a new stake in shares of McCormick & Co. during the second quarter valued at about $207,000. Sigma Planning Corp bought a new stake in shares of McCormick & Co. during the second quarter valued at about $211,000. Community Trust & Investment Co. bought a new stake in shares of McCormick & Co. during the second quarter valued at about $213,000. Finally, Train Babcock Advisors LLC bought a new stake in shares of McCormick & Co. during the second quarter valued at about $213,000. Institutional investors and hedge funds own 72.48% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded up 2.60% on Friday, hitting $99.92. The company had a trading volume of 2,215,726 shares. The firm has a market capitalization of $12.65 billion, a PE ratio of 29.63 and a beta of 0.48. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The firm has a 50-day moving average price of $99.50 and a 200-day moving average price of $99.20.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.09. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the firm posted $0.85 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts anticipate that McCormick & Co. will post $3.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio is 50.89%.
MKC has been the topic of a number of recent research reports. Citigroup Inc. upgraded shares of McCormick & Co. from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $85.00 to $102.00 in a research note on Thursday, June 23rd. Zacks Investment Research downgraded shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research note on Wednesday, September 14th. Sanford C. Bernstein downgraded shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $113.00 price target (up previously from $110.00) on shares of McCormick & Co. in a research note on Sunday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $97.11.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the stock in a transaction on Wednesday, July 13th. The stock was sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the sale, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Patricia A. Little sold 3,750 shares of the stock in a transaction 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 sale, the director now directly owns 13,227 shares in the company, valued at $1,418,198.94. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.
About McCormick & Co.
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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