Wealth Enhancement Advisory Services LLC acquired a new position in McCormick & Company, Incorporated (NYSE:MKC – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,648 shares of the company’s stock, valued at approximately $803,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of MKC. Sequoia Financial Advisors LLC increased its holdings in McCormick & Company, Incorporated by 6.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,757 shares of the company’s stock worth $313,000 after acquiring an additional 240 shares in the last quarter. First Personal Financial Services increased its holdings in McCormick & Company, Incorporated by 4.0% in the 1st quarter. First Personal Financial Services now owns 103,503 shares of the company’s stock worth $8,612,000 after acquiring an additional 3,947 shares in the last quarter. Davidson Trust Co. purchased a new stake in McCormick & Company, Incorporated in the 1st quarter worth approximately $250,000. DekaBank Deutsche Girozentrale increased its holdings in McCormick & Company, Incorporated by 13.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 204,943 shares of the company’s stock worth $16,473,000 after acquiring an additional 23,734 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in McCormick & Company, Incorporated by 0.5% in the 1st quarter. Fifth Third Bancorp now owns 136,564 shares of the company’s stock worth $11,363,000 after acquiring an additional 662 shares in the last quarter. 79.92% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CEO Lawrence Erik Kurzius sold 39,906 shares of McCormick & Company, Incorporated stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $90.02, for a total transaction of $3,592,338.12. Following the completion of the transaction, the chief executive officer now directly owns 159,579 shares of the company’s stock, valued at approximately $14,365,301.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 19.00% of the stock is owned by corporate insiders.
McCormick & Company, Incorporated Price Performance
McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) last announced its earnings results on Thursday, June 29th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.76% and a net margin of 10.74%. The company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 EPS. Equities analysts expect that McCormick & Company, Incorporated will post 2.66 EPS for the current year.
McCormick & Company, Incorporated Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, July 24th. Investors of record on Monday, July 10th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, July 7th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.87%. McCormick & Company, Incorporated’s dividend payout ratio is presently 60.23%.
Wall Street Analysts Forecast Growth
MKC has been the subject of a number of analyst reports. Bank of America upgraded McCormick & Company, Incorporated from an “underperform” rating to a “buy” rating and increased their price target for the stock from $75.00 to $100.00 in a research note on Tuesday, June 6th. Deutsche Bank Aktiengesellschaft increased their price target on McCormick & Company, Incorporated from $69.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, March 29th. Stifel Nicolaus initiated coverage on McCormick & Company, Incorporated in a research note on Thursday, April 13th. They issued a “hold” rating and a $82.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of McCormick & Company, Incorporated from $66.00 to $71.00 in a research report on Thursday, July 6th. Finally, TheStreet upgraded shares of McCormick & Company, Incorporated from a “c+” rating to a “b-” rating in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $83.40.
McCormick & Company, Incorporated Company Profile
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.
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