Louisiana State Employees Retirement System lowered its stake in shares of McCormick & Co. (NYSE:MKC) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 7,600 shares of the company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in McCormick & Co. were worth $811,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of MKC. BlackRock Institutional Trust Company N.A. raised its position 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 period. BlackRock Group LTD raised its position 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 period. BlackRock Fund Advisors raised its position 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 period. Renaissance Technologies LLC raised its position 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 period. Finally, Bank of Montreal Can bought a new position in McCormick & Co. during the second quarter valued at $17,132,000. Institutional investors own 72.48% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.35% during trading on Friday, reaching $95.56. The company had a trading volume of 1,100,113 shares. The firm has a 50 day moving average price of $98.77 and a 200 day moving average price of $99.25. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 26.38 and a beta of 0.47. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company earned $1.09 billion during the quarter. During the same quarter in the prior year, the company earned $0.85 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts predict that McCormick & Co. will post $3.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.80%. McCormick & Co.’s dividend payout ratio is 47.51%.
A number of equities analysts have recently commented on MKC shares. Zacks Investment Research lowered McCormick & Co. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. Citigroup Inc. upgraded McCormick & Co. from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $85.00 to $102.00 in a research note on Thursday, June 23rd. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price objective (up from $105.00) on shares of McCormick & Co. in a research note on Friday, June 24th. Finally, Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average 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 dated Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the completion of the transaction, the chief financial officer now directly owns 94,012 shares in the company, valued at approximately $9,887,242.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 13.70% of the company’s stock.
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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