Strs Ohio cut its stake in McCormick & Co. (NYSE:MKC) by 8.8% during the second quarter, Holdings Channel reports. The firm owned 23,425 shares of the company’s stock after selling 2,250 shares during the period. Strs Ohio’s holdings in McCormick & Co. were worth $2,498,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MKC. Bank of Montreal Can bought a new stake in McCormick & Co. during the second quarter valued at approximately $17,132,000. MSI Financial Services Inc raised its stake in McCormick & Co. by 29.9% in the second quarter. MSI Financial Services Inc now owns 10,288 shares of the company’s stock valued at $1,097,000 after buying an additional 2,366 shares during the period. Shell Asset Management Co. raised its stake in McCormick & Co. by 12.0% in the second quarter. Shell Asset Management Co. now owns 200,658 shares of the company’s stock valued at $21,404,000 after buying an additional 21,515 shares during the period. Daiwa Securities Group Inc. raised its stake in McCormick & Co. by 522.2% in the second quarter. Daiwa Securities Group Inc. now owns 16,800 shares of the company’s stock valued at $1,792,000 after buying an additional 14,100 shares during the period. Finally, Sigma Planning Corp bought a new stake in McCormick & Co. during the second quarter valued at approximately $211,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded up 0.35% on Friday, hitting $95.56. 1,100,113 shares of the company’s stock traded hands. McCormick & Co. has a one year low of $78.45 and a one year high of $107.84. The stock has a 50-day moving average of $98.77 and a 200-day moving average of $99.25. The stock has a market cap of $12.05 billion, a PE ratio of 26.38 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings data on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ 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 posted $0.85 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts forecast that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
The business 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 dividend of $0.43 per share. The ex-dividend date is Thursday, October 6th. This represents a $1.72 annualized dividend and a dividend yield of 1.80%. McCormick & Co.’s payout ratio is currently 47.51%.
Several equities research analysts have recently commented on the company. 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 note on Friday, September 23rd. Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. Zacks Investment Research upgraded 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. Finally, Citigroup Inc. restated a “neutral” rating on shares of McCormick & Co. in a research note 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 company has a consensus rating of “Hold” and a consensus target price of $97.11.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction 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 sale, the chief financial officer now directly owns 94,012 shares in the company, valued at $9,887,242.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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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