King Luther Capital Management Corp Cuts Position in McCormick & Company, Incorporated (NYSE:MKC)

King Luther Capital Management Corp trimmed its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,447 shares of the company’s stock after selling 194 shares during the period. King Luther Capital Management Corp’s holdings in McCormick & Company, Incorporated were worth $236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. KFG Wealth Management LLC lifted its stake in McCormick & Company, Incorporated by 3.1% during the 4th quarter. KFG Wealth Management LLC now owns 5,229 shares of the company’s stock worth $358,000 after acquiring an additional 158 shares in the last quarter. Beaumont Financial Advisors LLC increased its stake in McCormick & Company, Incorporated by 4.5% during the fourth quarter. Beaumont Financial Advisors LLC now owns 3,690 shares of the company’s stock worth $252,000 after purchasing an additional 159 shares during the period. PFG Investments LLC lifted its position in shares of McCormick & Company, Incorporated by 2.6% during the fourth quarter. PFG Investments LLC now owns 6,981 shares of the company’s stock worth $478,000 after purchasing an additional 179 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in shares of McCormick & Company, Incorporated by 3.2% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 6,205 shares of the company’s stock valued at $425,000 after purchasing an additional 195 shares during the period. Finally, Palisade Asset Management LLC boosted its stake in shares of McCormick & Company, Incorporated by 0.5% in the fourth quarter. Palisade Asset Management LLC now owns 42,172 shares of the company’s stock valued at $2,885,000 after purchasing an additional 200 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Citigroup upped their target price on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday, March 27th. Barclays increased their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, March 28th. Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Tuesday, April 2nd. Finally, Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and an average target price of $77.88.

McCormick & Company, Incorporated Stock Up 0.1 %

Shares of NYSE MKC opened at $72.21 on Friday. The business has a 50-day moving average of $74.25 and a two-hundred day moving average of $69.57. The company has a market capitalization of $19.38 billion, a price-to-earnings ratio of 27.56, a price-to-earnings-growth ratio of 3.70 and a beta of 0.73. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $94.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company earned $0.59 EPS. On average, analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Maritza Gomez Montiel sold 7,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now directly owns 5,594 shares of the company’s stock, valued at $430,738. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Maritza Gomez Montiel sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total transaction of $539,000.00. Following the transaction, the director now owns 5,594 shares in the company, valued at approximately $430,738. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. Insiders have sold 111,458 shares of company stock valued at $8,286,114 in the last ninety days. Insiders own 22.90% of the company’s stock.

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.