Van ECK Associates Corp Invests $461,000 in McCormick & Company, Incorporated (NYSE:MKC)

Van ECK Associates Corp acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,499 shares of the company’s stock, valued at approximately $461,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System raised its stake in shares of McCormick & Company, Incorporated by 2.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 278,397 shares of the company’s stock worth $23,165,000 after buying an additional 7,898 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of McCormick & Company, Incorporated by 374.3% in the fourth quarter. Trexquant Investment LP now owns 116,169 shares of the company’s stock valued at $7,948,000 after purchasing an additional 91,676 shares in the last quarter. Ossiam grew its position in shares of McCormick & Company, Incorporated by 89.5% in the fourth quarter. Ossiam now owns 41,928 shares of the company’s stock valued at $2,869,000 after purchasing an additional 19,807 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of McCormick & Company, Incorporated by 470.6% during the 1st quarter. Cetera Investment Advisers now owns 37,958 shares of the company’s stock worth $2,916,000 after purchasing an additional 31,306 shares in the last quarter. Finally, Blueshift Asset Management LLC acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $430,000. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Price Performance

MKC opened at $82.88 on Monday. The company’s 50 day simple moving average is $76.06 and its 200 day simple moving average is $73.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $83.58. The stock has a market capitalization of $22.26 billion, a PE ratio of 30.25, a P/E/G ratio of 4.12 and a beta of 0.76.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. McCormick & Company, Incorporated’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $0.60 EPS. As a group, sell-side analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.03%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 22.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MKC shares. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen decreased their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $76.25.

McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.