The Manufacturers Life Insurance Company Cuts Position in McCormick & Company, Incorporated (NYSE:MKC)

The Manufacturers Life Insurance Company trimmed its stake in McCormick & Company, Incorporated (NYSE:MKCFree Report) by 1.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 166,346 shares of the company’s stock after selling 3,266 shares during the period. The Manufacturers Life Insurance Company’s holdings in McCormick & Company, Incorporated were worth $11,381,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MKC. Massachusetts Financial Services Co. MA lifted its stake in shares of 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 acquiring an additional 1,577,636 shares during the last quarter. Northern Trust Corp increased its holdings in shares of McCormick & Company, Incorporated by 2.8% in the 3rd quarter. Northern Trust Corp now owns 3,438,766 shares of the company’s stock valued at $260,108,000 after acquiring an additional 93,034 shares during the period. Norges Bank purchased a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $160,999,000. Invesco Ltd. increased its holdings in shares of McCormick & Company, Incorporated by 15.4% in the 3rd quarter. Invesco Ltd. now owns 1,828,576 shares of the company’s stock valued at $138,313,000 after acquiring an additional 244,211 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in McCormick & Company, Incorporated by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,353,150 shares of the company’s stock worth $92,583,000 after buying an additional 35,305 shares during the last quarter. 79.74% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on MKC. Argus upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Tuesday, April 2nd. Stifel Nicolaus boosted their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, March 27th. Citigroup boosted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a report on Wednesday, March 27th. Finally, Barclays upped their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock 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’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated has an average rating of “Hold” and an average target price of $77.88.

View Our Latest Analysis on McCormick & Company, Incorporated

McCormick & Company, Incorporated Price Performance

NYSE:MKC opened at $68.11 on Tuesday. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $94.39. The stock has a 50 day moving average of $73.70 and a two-hundred day moving average of $69.94. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63. The firm has a market cap of $18.28 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 3.52 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, beating 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 firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the firm earned $0.59 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were paid a dividend of $0.42 per share. The ex-dividend date was Friday, April 5th. This represents a $1.68 annualized dividend and a yield of 2.47%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 64.12%.

Insiders Place Their Bets

In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was 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 directly owns 199,258 shares in the company, valued at $14,695,277.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the transaction, the director now directly owns 5,594 shares in the company, valued at $430,738. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lawrence Erik Kurzius sold 80,000 shares of McCormick & Company, Incorporated stock in a transaction 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 transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,695,277.50. The disclosure for this sale can be found here. Insiders sold a total of 111,458 shares of company stock valued at $8,286,114 over the last quarter. 22.90% of the stock is owned by insiders.

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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