Whittier Trust Co. continued to hold its stake in McCormick & Co. (NYSE:MKC) during the second quarter, Holdings Channel reports. The fund owned 3,740 shares of the company’s stock at the end of the second quarter. Whittier Trust Co.’s holdings in McCormick & Co. were worth $399,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in MKC. Meeder Asset Management Inc. boosted 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. purchased a new stake in McCormick & Co. during the second quarter worth about $207,000. Sigma Planning Corp purchased a new stake in McCormick & Co. during the second quarter worth about $211,000. Community Trust & Investment Co. purchased a new stake in McCormick & Co. during the second quarter worth about $213,000. Finally, Train Babcock Advisors LLC purchased a new stake in McCormick & Co. during the second quarter worth about $213,000. 72.47% of the stock is owned by hedge funds and other institutional investors.
McCormick & Co. (NYSE:MKC) traded up 0.33% during trading on Thursday, hitting $94.72. The stock had a trading volume of 408,038 shares. The company has a market capitalization of $11.94 billion, a price-to-earnings ratio of 26.15 and a beta of 0.47. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The stock has a 50 day moving average price of $98.11 and a 200 day moving average price of $99.24.
McCormick & Co. (NYSE:MKC) last released its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.09. The firm earned $1.09 billion during the quarter. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. McCormick & Co.’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.85 EPS. Equities research analysts forecast that McCormick & Co. will post $3.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
A number of analysts recently issued reports on MKC shares. Deutsche Bank AG reduced their price objective on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, September 23rd. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price target for the company in a research report on Thursday, September 15th. Jefferies Group reduced their price target on McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. One investment 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’s stock. The stock has a consensus rating of “Hold” and an average price target of $98.99.
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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