Oppenheimer & Co. Inc. Sells 2,371 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Oppenheimer & Co. Inc. lowered its stake in McCormick & Company, Incorporated (NYSE:MKCFree Report) by 11.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,283 shares of the company’s stock after selling 2,371 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in McCormick & Company, Incorporated were worth $1,251,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MKC. First Trust Advisors LP lifted its stake in McCormick & Company, Incorporated by 6.1% in the fourth quarter. First Trust Advisors LP now owns 1,004,628 shares of the company’s stock valued at $68,737,000 after buying an additional 57,839 shares during the period. Blueshift Asset Management LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 4th quarter valued at approximately $430,000. CIBC Private Wealth Group LLC boosted its stake in McCormick & Company, Incorporated by 34.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 10,887 shares of the company’s stock worth $745,000 after acquiring an additional 2,768 shares during the last quarter. Peapack Gladstone Financial Corp grew its holdings in McCormick & Company, Incorporated by 13.5% during the fourth quarter. Peapack Gladstone Financial Corp now owns 54,987 shares of the company’s stock valued at $3,762,000 after purchasing an additional 6,557 shares during the period. Finally, NEOS Investment Management LLC bought a new stake in McCormick & Company, Incorporated in the fourth quarter valued at approximately $224,000. 79.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Analysis on McCormick & Company, Incorporated

McCormick & Company, Incorporated Price Performance

MKC stock opened at $68.11 on Tuesday. The stock has a 50-day moving average price of $73.70 and a two-hundred day moving average price of $69.94. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $94.39. The stock has a market cap of $18.28 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 3.52 and a beta of 0.74. 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 posted its quarterly earnings data 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. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the prior year, the firm earned $0.59 earnings per share. McCormick & Company, Incorporated’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS 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. Stockholders of record on Monday, April 8th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, April 5th. This represents a $1.68 annualized dividend and a dividend yield of 2.47%. McCormick & Company, Incorporated’s dividend payout ratio 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 shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the transaction, the director now owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 199,258 shares in the company, valued at $14,695,277.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patricia A. Little sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the transaction, the director now directly owns 24,732 shares in the company, valued at approximately $1,868,997.24. The disclosure for this sale can be found here. Insiders have sold 111,458 shares of company stock worth $8,286,114 over the last ninety days. Insiders own 22.90% of the company’s stock.

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.

Further Reading

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

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