Retirement Systems of Alabama lowered its position in McCormick & Co. (NYSE:MKC) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,765 shares of the company’s stock after selling 11 shares during the period. Retirement Systems of Alabama’s holdings in McCormick & Co. were worth $6,268,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Citizens Financial Group Inc RI raised its position in shares of McCormick & Co. by 1.9% in the first quarter. Citizens Financial Group Inc RI now owns 2,719 shares of the company’s stock worth $270,000 after buying an additional 50 shares during the last quarter. Albert D Mason Inc. raised its stake in McCormick & Co. by 0.7% in the second quarter. Albert D Mason Inc. now owns 28,720 shares of the company’s stock valued at $3,064,000 after buying an additional 191 shares in the last quarter. Portland Global Advisors LLC raised its stake in McCormick & Co. by 4.8% in the second quarter. Portland Global Advisors LLC now owns 8,210 shares of the company’s stock valued at $876,000 after buying an additional 375 shares in the last quarter. Conning Inc. raised its stake in McCormick & Co. by 13.3% in the second quarter. Conning Inc. now owns 3,333 shares of the company’s stock valued at $356,000 after buying an additional 390 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC raised its stake in McCormick & Co. by 20.0% in the second quarter. Douglass Winthrop Advisors LLC now owns 3,000 shares of the company’s stock valued at $320,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 72.47% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded down 1.22% during trading on Tuesday, reaching $94.16. 598,471 shares of the company traded hands. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The firm’s 50-day moving average is $98.58 and its 200-day moving average is $99.31. The stock has a market capitalization of $11.87 billion, a PE ratio of 26.00 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its quarterly 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 company had revenue of $1.09 billion for the quarter. During the same period last year, the firm earned $0.85 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts predict that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Tuesday, October 11th will be paid 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 1.83%. McCormick & Co.’s dividend payout ratio is currently 47.51%.
MKC has been the topic of several analyst reports. Sanford C. Bernstein lowered shares of 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. Citigroup Inc. upgraded shares of McCormick & Co. from a “sell” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $102.00 in a research report on Thursday, June 23rd. Deutsche Bank AG reduced their price target on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, September 23rd. Finally, Zacks Investment Research upgraded shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 price target on the stock in a research report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. McCormick & Co. presently has an average rating of “Hold” and a consensus price target of $97.11.
In related news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’s stock in a transaction that occurred on 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 owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate 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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