Bank of New York Mellon Corp Reduces Position in McCormick & Company, Incorporated (NYSE:MKC)

Bank of New York Mellon Corp lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC – Get Rating) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,078,204 shares of the company’s stock after selling 28,697 shares during the quarter. Bank of New York Mellon Corp’s holdings in McCormick & Company, Incorporated were worth $148,114,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Washington Trust Advisors Inc. purchased a new stake in shares of McCormick & Company, Incorporated during the third quarter valued at approximately $26,000. Evermay Wealth Management LLC boosted its stake in shares of McCormick & Company, Incorporated by 412.8% during the third quarter. Evermay Wealth Management LLC now owns 400 shares of the company’s stock valued at $29,000 after purchasing an additional 322 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $44,000. Heritage Wealth Management LLC purchased a new stake in shares of McCormick & Company, Incorporated during the second quarter valued at approximately $48,000. Finally, Private Trust Co. NA purchased a new stake in shares of McCormick & Company, Incorporated during the second quarter valued at approximately $50,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Insider Activity

In related news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $75.00, for a total value of $375,000.00. Following the completion of the sale, the director now directly owns 38,137 shares in the company, valued at approximately $2,860,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 19.00% of the company’s stock.

Wall Street Analysts Forecast Growth

MKC has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on McCormick & Company, Incorporated from $83.00 to $74.00 and set a “hold” rating for the company in a research note on Friday, January 27th. Sanford C. Bernstein raised McCormick & Company, Incorporated from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a research note on Friday, January 27th. StockNews.com initiated coverage on McCormick & Company, Incorporated in a research note on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. dropped their price target on McCormick & Company, Incorporated from $66.00 to $63.00 and set an “underweight” rating for the company in a research note on Friday, January 27th. Finally, UBS Group started coverage on McCormick & Company, Incorporated in a research note on Friday, March 10th. They issued a “sell” rating and a $71.00 price target for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus target price of $81.14.

McCormick & Company, Incorporated Stock Performance

Shares of McCormick & Company, Incorporated stock opened at $72.62 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.30 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $19.47 billion, a P/E ratio of 28.82, a P/E/G ratio of 4.12 and a beta of 0.56. The business has a fifty day simple moving average of $75.65 and a two-hundred day simple moving average of $78.80. McCormick & Company, Incorporated has a 12 month low of $70.60 and a 12 month high of $105.19.

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.13). McCormick & Company, Incorporated had a net margin of 10.74% and a return on equity of 14.76%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the business earned $0.84 earnings per share. McCormick & Company, Incorporated’s revenue was down 2.0% compared to the same quarter last year. On average, equities analysts forecast that McCormick & Company, Incorporated will post 2.56 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Profile

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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.