BB&T Corp boosted its position in McCormick & Co. (NYSE:MKC) by 580.0% during the second quarter, Holdings Channel reports. The firm owned 169,660 shares of the company’s stock after buying an additional 144,709 shares during the period. BB&T Corp’s holdings in McCormick & Co. were worth $18,098,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. increased its stake in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new stake in shares of McCormick & Co. during the second quarter worth $207,000. Sigma Planning Corp purchased a new stake in shares of McCormick & Co. during the second quarter worth $211,000. Community Trust & Investment Co. purchased a new stake in shares of McCormick & Co. during the second quarter worth $213,000. Finally, Train Babcock Advisors LLC purchased a new stake in shares of McCormick & Co. during the second quarter worth $213,000. 72.46% of the stock is owned by institutional investors.
McCormick & Co. (NYSE:MKC) traded down 0.51% during midday trading on Wednesday, hitting $94.37. 266,699 shares of the stock traded hands. The stock’s 50-day moving average price is $97.29 and its 200 day moving average price is $99.10. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 26.05 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last announced its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The business earned $1.09 billion during the quarter. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that McCormick & Co. will post $3.79 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.81%. McCormick & Co.’s payout ratio is presently 47.51%.
Several equities analysts recently commented on MKC shares. Deutsche Bank AG dropped their price objective on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, September 23rd. Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a research note on Thursday, September 15th. Jefferies Group dropped their price objective on shares of McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research note on Wednesday, October 12th. Finally, Sanford C. Bernstein downgraded shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $98.99.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of McCormick & Co. stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total transaction of $188,300.00. Following the completion of the sale, the director now directly owns 38,442 shares in the company, valued at $3,619,314.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 13.70% of the company’s stock.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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