Teacher Retirement System of Texas raised its position in shares of McCormick & Co. (NYSE:MKC) by 31.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,302 shares of the company’s stock after buying an additional 1,969 shares during the period. Teacher Retirement System of Texas’ holdings in McCormick & Co. were worth $886,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Coconut Grove Bank boosted its position in shares of McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock valued at $169,000 after buying an additional 948 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in shares of McCormick & Co. during the second quarter valued at about $207,000. Sigma Planning Corp purchased a new position in shares of McCormick & Co. during the second quarter valued at about $211,000. Finally, Community Trust & Investment Co. purchased a new position in shares of McCormick & Co. during the second quarter valued at about $213,000. 72.48% of the stock is currently owned by institutional investors and hedge funds.
McCormick & Co. (NYSE:MKC) traded up 0.64% during midday trading on Tuesday, hitting $97.28. 203,835 shares of the company traded hands. The stock has a 50 day moving average of $99.85 and a 200 day moving average of $99.16. McCormick & Co. has a 12-month low of $77.65 and a 12-month high of $107.84. The stock has a market cap of $12.32 billion, a P/E ratio of 28.85 and a beta of 0.48.
McCormick & Co. (NYSE:MKC) last announced its quarterly earnings data on Thursday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The firm had revenue of $1.06 billion for the quarter. During the same quarter last year, the business earned $0.75 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts predict that McCormick & Co. will post $3.75 EPS for the current fiscal year.
Several brokerages have issued reports on MKC. Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a research note on Friday, July 8th. Citigroup Inc. reissued a “neutral” rating on shares of McCormick & Co. in a research note on Tuesday, July 5th. Deutsche Bank AG boosted their price objective on shares of McCormick & Co. from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Saturday, July 2nd. Finally, Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $97.11.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction on Wednesday, July 13th. The stock was 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 directly owns 94,012 shares in the company, valued at $9,887,242.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patricia A. Little sold 3,750 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $107.22, for a total value of $402,075.00. Following the completion of the sale, the director now owns 13,227 shares in the company, valued at $1,418,198.94. The disclosure for this sale can be found here. 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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