Assenagon Asset Management S.A. Raises Stake in McCormick & Company, Incorporated (NYSE:MKC)

Assenagon Asset Management S.A. grew its stake in shares of McCormick & Company, Incorporated (NYSE:MKCFree Report) by 7.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 10,564 shares of the company’s stock after acquiring an additional 715 shares during the period. Assenagon Asset Management S.A.’s holdings in McCormick & Company, Incorporated were worth $799,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Union Savings Bank bought a new position in shares of McCormick & Company, Incorporated during the second quarter valued at $27,000. Legacy Financial Group LLC bought a new position in shares of McCormick & Company, Incorporated during the third quarter valued at $29,000. Headlands Technologies LLC bought a new position in shares of McCormick & Company, Incorporated during the second quarter valued at $35,000. Point72 Hong Kong Ltd bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at $44,000. Finally, Private Trust Co. NA increased its holdings in McCormick & Company, Incorporated by 50.4% in the 2nd quarter. Private Trust Co. NA now owns 516 shares of the company’s stock worth $45,000 after buying an additional 173 shares in the last quarter. 78.15% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated Trading Up 1.8 %

Shares of NYSE:MKC opened at $67.05 on Wednesday. The stock has a market capitalization of $17.99 billion, a price-to-earnings ratio of 26.61, a PEG ratio of 3.63 and a beta of 0.75. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.28 and a current ratio of 0.65. The stock’s 50-day simple moving average is $67.26 and its two-hundred day simple moving average is $71.96. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $94.39.

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) last announced its earnings results on Thursday, January 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.06. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.78 billion. McCormick & Company, Incorporated had a return on equity of 14.55% and a net margin of 10.22%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.73 earnings per share. Analysts expect that McCormick & Company, Incorporated will post 2.82 EPS for the current year.

McCormick & Company, Incorporated Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 8th. Stockholders of record on Friday, December 29th were given a dividend of $0.42 per share. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, December 28th. McCormick & Company, Incorporated’s payout ratio is presently 66.67%.

Wall Street Analysts Forecast Growth

MKC has been the subject of several research analyst reports. Barclays reduced their price objective on McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating for the company in a report on Tuesday, January 16th. JPMorgan Chase & Co. reduced their price objective on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a report on Friday, January 26th. Consumer Edge downgraded McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a report on Monday, January 22nd. Finally, Citigroup initiated coverage on McCormick & Company, Incorporated in a report on Thursday, February 1st. They issued a “sell” rating and a $60.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $73.50.

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McCormick & Company, Incorporated Profile

(Free Report)

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.

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Institutional Ownership by Quarter for McCormick & Company, Incorporated (NYSE:MKC)

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