Mizuho Asset Management Co. Ltd. raised its position in shares of McCormick & Co. (NYSE:MKC) by 90.4% during the second quarter, Holdings Channel reports. The institutional investor owned 1,331 shares of the company’s stock after buying an additional 632 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in McCormick & Co. were worth $142,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of McCormick & Co. during the fourth quarter worth $84,307,000. PGGM Investments increased its stake in shares of McCormick & Co. by 5.1% in the first quarter. PGGM Investments now owns 99,069 shares of the company’s stock worth $9,855,000 after buying an additional 4,826 shares in the last quarter. Aperio Group LLC increased its stake in shares of McCormick & Co. by 13.7% in the first quarter. Aperio Group LLC now owns 121,226 shares of the company’s stock worth $12,060,000 after buying an additional 14,633 shares in the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in McCormick & Co. during the first quarter valued at approximately $251,000. Finally, Virginia Retirement System purchased a new position in McCormick & Co. during the first quarter valued at approximately $6,594,000. 72.48% of the stock is owned by institutional investors and hedge funds.
McCormick & Co. (NYSE:MKC) traded down 0.24% during mid-day trading on Monday, reaching $96.48. 22,621 shares of the company traded hands. The firm has a market cap of $12.22 billion, a PE ratio of 28.61 and a beta of 0.48. The stock’s 50-day moving average price is $99.95 and its 200-day moving average price is $99.06. McCormick & Co. has a one year low of $77.65 and a one year high of $107.84.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings data on Thursday, June 30th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The company earned $1.06 billion during the quarter. McCormick & Co. had a net margin of 9.96% and a return on equity of 26.08%. McCormick & Co.’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 earnings per share. Analysts forecast that McCormick & Co. will post $3.75 earnings per share for the current fiscal year.
MKC has been the subject of several recent analyst reports. Zacks Investment Research cut shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 21st. Citigroup Inc. upgraded shares of McCormick & Co. from a “sell” rating to a “neutral” rating and upped their target price for the stock from $85.00 to $102.00 in a research report on Thursday, June 23rd. Deutsche Bank AG restated a “hold” rating and issued a $110.00 target price (up previously from $105.00) on shares of McCormick & Co. in a research report on Friday, June 24th. Finally, Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their target price 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 equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. McCormick & Co. presently has a consensus rating of “Hold” and an average price target of $97.11.
In other news, 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 transaction of $4,091,113.00. Following the completion of the transaction, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.
McCormick & Co. Company Profile
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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