McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by Summit Financial LLC

Summit Financial LLC reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,247 shares of the company’s stock after selling 1,425 shares during the quarter. Summit Financial LLC’s holdings in McCormick & Company, Incorporated were worth $402,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MKC. Wellington Management Group LLP increased its position in shares of McCormick & Company, Incorporated by 21.7% during the third quarter. Wellington Management Group LLP now owns 139,728 shares of the company’s stock worth $11,500,000 after purchasing an additional 24,881 shares in the last quarter. DJE Kapital AG acquired a new stake in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $4,228,000. SBI Securities Co. Ltd. purchased a new position in McCormick & Company, Incorporated during the 4th quarter worth approximately $234,000. Asset Management One Co. Ltd. increased its position in McCormick & Company, Incorporated by 16.6% during the fourth quarter. Asset Management One Co. Ltd. now owns 136,891 shares of the company’s stock worth $10,547,000 after buying an additional 19,491 shares during the period. Finally, DAVENPORT & Co LLC increased its position in McCormick & Company, Incorporated by 16.4% during the fourth quarter. DAVENPORT & Co LLC now owns 87,870 shares of the company’s stock worth $6,699,000 after buying an additional 12,356 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and raised their target price for the stock from $85.00 to $91.00 in a research report on Monday, December 9th. JPMorgan Chase & Co. raised their price objective on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a research report on Friday, January 24th. TD Cowen raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their target price for the company from $86.00 to $90.00 in a report on Wednesday, January 8th. Argus downgraded shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Finally, Barclays dropped their price target on McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $83.14.

McCormick & Company, Incorporated Stock Down 0.7 %

Shares of NYSE:MKC opened at $80.69 on Friday. McCormick & Company, Incorporated has a fifty-two week low of $66.88 and a fifty-two week high of $86.24. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68. The firm’s 50-day simple moving average is $79.88 and its 200-day simple moving average is $78.82. The company has a market cap of $21.64 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 3.76 and a beta of 0.71.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.04). The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, equities research analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.23%. The ex-dividend date is Monday, April 7th. McCormick & Company, Incorporated’s payout ratio is 61.86%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $81.81, for a total value of $4,090,500.00. Following the completion of the transaction, the director now owns 247,437 shares in the company, valued at $20,242,820.97. This trade represents a 16.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Margaret M. V. Preston sold 28,092 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $77.03, for a total transaction of $2,163,926.76. Following the completion of the sale, the director now owns 6,177 shares of the company’s stock, valued at $475,814.31. This trade represents a 81.97 % decrease in their position. The disclosure for this sale can be found here. 23.80% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.