Boston Advisors LLC decreased its position in McCormick & Co. (NYSE:MKC) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,583 shares of the company’s stock after selling 350 shares during the period. Boston Advisors LLC’s holdings in McCormick & Co. were worth $1,342,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in MKC. Meeder Asset Management Inc. raised its stake in 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 last quarter. Ferguson Wellman Capital Management Inc. acquired a new position in shares of McCormick & Co. during the second quarter worth about $207,000. Sigma Planning Corp acquired a new position in shares of McCormick & Co. during the second quarter worth about $211,000. Community Trust & Investment Co. acquired a new position in shares of McCormick & Co. during the second quarter worth about $213,000. Finally, Train Babcock Advisors LLC acquired a new position in shares of McCormick & Co. during the second quarter worth about $213,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded up 2.60% during midday trading on Friday, hitting $99.92. The stock had a trading volume of 2,215,726 shares. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The company has a market cap of $12.65 billion, a price-to-earnings ratio of 29.63 and a beta of 0.48. The company has a 50-day moving average price of $99.50 and a 200-day moving average price of $99.20.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings data on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.09. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.09 billion. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. Equities analysts anticipate that McCormick & Co. will post $3.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s dividend payout ratio is currently 50.89%.
A number of equities analysts recently issued reports on the company. Deutsche Bank AG reaffirmed a “buy” rating and issued a $113.00 price target (up from $110.00) on shares of McCormick & Co. in a report on Sunday, June 26th. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price target for the company in a report on Friday, July 8th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $97.11.
In related news, Director Patricia A. Little sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total transaction of $402,075.00. Following the sale, the director now directly owns 13,227 shares in the company, valued at approximately $1,418,198.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the sale, the chief financial officer now owns 94,012 shares in the company, valued at $9,887,242.04. The disclosure for this sale can be found here. 13.70% of the stock is owned by insiders.
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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