First Trust Advisors LP Acquires 57,839 Shares of McCormick & Company, Incorporated (NYSE:MKC)

First Trust Advisors LP boosted its stake in shares of McCormick & Company, Incorporated (NYSE:MKCFree Report) by 6.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,004,628 shares of the company’s stock after purchasing an additional 57,839 shares during the quarter. First Trust Advisors LP owned about 0.37% of McCormick & Company, Incorporated worth $68,737,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in McCormick & Company, Incorporated in the 4th quarter valued at about $160,999,000. Massachusetts Financial Services Co. MA lifted its holdings in McCormick & Company, Incorporated by 41.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,359,068 shares of the company’s stock worth $366,667,000 after purchasing an additional 1,577,636 shares during the last quarter. Alecta Tjanstepension Omsesidigt acquired a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth $92,340,000. Impax Asset Management Group plc grew its stake in shares of McCormick & Company, Incorporated by 157.2% in the fourth quarter. Impax Asset Management Group plc now owns 1,063,273 shares of the company’s stock valued at $72,749,000 after acquiring an additional 649,908 shares in the last quarter. Finally, Fenimore Asset Management Inc. raised its stake in McCormick & Company, Incorporated by 369.2% in the 4th quarter. Fenimore Asset Management Inc. now owns 695,031 shares of the company’s stock worth $47,554,000 after purchasing an additional 546,911 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Trading Up 1.3 %

MKC opened at $69.22 on Friday. The company’s 50 day moving average is $74.03 and its 200-day moving average is $69.85. The company has a market cap of $18.58 billion, a P/E ratio of 26.42, a PEG ratio of 3.50 and a beta of 0.74. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $94.39. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. McCormick & Company, Incorporated’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 EPS. Equities research analysts predict that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Friday, April 5th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 64.12%.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 80,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was 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 directly owns 199,258 shares in the company, valued at $14,695,277.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Katherine Jenkins sold 1,726 shares of McCormick & Company, Incorporated stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,458 shares of company stock valued at $8,286,114. Insiders own 22.90% of the company’s stock.

Wall Street Analyst Weigh In

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

View Our Latest Stock Analysis on MKC

McCormick & Company, Incorporated Company 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.

See Also

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

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