Amalgamated Bank Trims Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

Amalgamated Bank trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,069 shares of the company’s stock after selling 860 shares during the period. Amalgamated Bank’s holdings in McCormick & Company, Incorporated were worth $3,623,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Intech Investment Management LLC lifted its holdings in McCormick & Company, Incorporated by 28.6% in the fourth quarter. Intech Investment Management LLC now owns 100,571 shares of the company’s stock worth $6,881,000 after buying an additional 22,396 shares during the period. Mitchell Sinkler & Starr PA bought a new stake in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $308,000. JARISLOWSKY FRASER Ltd grew its stake in McCormick & Company, Incorporated by 175.5% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 14,600 shares of the company’s stock worth $998,000 after purchasing an additional 9,300 shares during the period. Focus Financial Network Inc. ADV bought a new position in McCormick & Company, Incorporated in the fourth quarter worth $706,000. Finally, Allianz Asset Management GmbH raised its holdings in McCormick & Company, Incorporated by 27.0% in the fourth quarter. Allianz Asset Management GmbH now owns 38,107 shares of the company’s stock worth $2,607,000 after purchasing an additional 8,113 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.4 %

Shares of McCormick & Company, Incorporated stock opened at $82.99 on Monday. The company has a 50-day simple moving average of $78.70 and a two-hundred day simple moving average of $74.43. The stock has a market capitalization of $22.29 billion, a PE ratio of 30.29, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. 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 (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. On average, analysts anticipate that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 22.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MKC. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen cut their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Finally, Bank of America raised their target price on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $76.14.

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.