Victory Capital Management Inc. Lowers Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Victory Capital Management Inc. decreased its stake in McCormick & Company, Incorporated (NYSE:MKC) by 0.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 213,077 shares of the company’s stock after selling 380 shares during the quarter. Victory Capital Management Inc. owned approximately 0.08% of McCormick & Company, Incorporated worth $17,536,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Nuance Investments LLC boosted its stake in shares of McCormick & Company, Incorporated by 10.5% in the second quarter. Nuance Investments LLC now owns 1,052,220 shares of the company’s stock worth $74,644,000 after buying an additional 99,741 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of McCormick & Company, Incorporated by 97,525.5% in the second quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock worth $69,256,000 after buying an additional 975,255 shares during the last quarter. Millennium Management LLC boosted its stake in shares of McCormick & Company, Incorporated by 111.2% in the second quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after buying an additional 386,320 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of McCormick & Company, Incorporated in the second quarter worth about $51,286,000. Finally, Vest Financial LLC boosted its stake in shares of McCormick & Company, Incorporated by 11.9% in the third quarter. Vest Financial LLC now owns 656,940 shares of the company’s stock worth $54,066,000 after buying an additional 69,671 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $78.50, for a total value of $392,500.00. Following the completion of the sale, the director now owns 40,436 shares of the company’s stock, valued at approximately $3,174,226. This trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 20,000 shares of company stock valued at $1,565,850. 22.90% of the stock is currently owned by insiders.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $75.31 on Wednesday. The company has a market cap of $20.21 billion, a PE ratio of 25.62, a price-to-earnings-growth ratio of 3.38 and a beta of 0.77. The stock’s 50 day simple moving average is $79.96 and its 200-day simple moving average is $76.22. McCormick & Company, Incorporated has a 1-year low of $63.67 and a 1-year high of $85.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.71 and a quick ratio of 0.32.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. As a group, equities research analysts anticipate that McCormick & Company, Incorporated will post 2.92 EPS for the current fiscal year.

McCormick & Company, Incorporated Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.39%. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 57.14%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MKC shares. Bank of America increased their price target on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. TD Cowen increased their price target on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus increased their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Finally, BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $79.57.

About McCormick & Company, Incorporated

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.