Texas Permanent School Fund Corp increased its position in shares of McCormick & Company, Incorporated (NYSE:MKC – Free Report) by 46.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,271 shares of the company’s stock after purchasing an additional 16,666 shares during the quarter. Texas Permanent School Fund Corp’s holdings in McCormick & Company, Incorporated were worth $4,349,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Desjardins Global Asset Management Inc. lifted its position in McCormick & Company, Incorporated by 140.6% during the first quarter. Desjardins Global Asset Management Inc. now owns 2,839 shares of the company’s stock worth $236,000 after purchasing an additional 1,659 shares during the period. CWM LLC lifted its holdings in shares of McCormick & Company, Incorporated by 2.9% in the first quarter. CWM LLC now owns 4,204 shares of the company’s stock worth $350,000 after acquiring an additional 119 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of McCormick & Company, Incorporated by 22.2% in the first quarter. Signaturefd LLC now owns 8,728 shares of the company’s stock worth $726,000 after acquiring an additional 1,584 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of McCormick & Company, Incorporated by 0.7% in the first quarter. Avantax Advisory Services Inc. now owns 29,282 shares of the company’s stock worth $2,437,000 after acquiring an additional 199 shares during the last quarter. Finally, abrdn plc lifted its holdings in shares of McCormick & Company, Incorporated by 10.7% in the first quarter. abrdn plc now owns 312,392 shares of the company’s stock worth $25,994,000 after acquiring an additional 30,272 shares during the last quarter. Institutional investors own 79.92% of the company’s stock.
McCormick & Company, Incorporated Trading Up 0.7 %
NYSE MKC opened at $88.13 on Monday. McCormick & Company, Incorporated has a 12 month low of $70.60 and a 12 month high of $94.39. The stock has a market cap of $23.65 billion, a P/E ratio of 34.03, a P/E/G ratio of 4.42 and a beta of 0.58. The stock’s fifty day moving average price is $88.66 and its 200-day moving average price is $82.75. The company has a current ratio of 0.85, a quick ratio of 0.33 and a debt-to-equity ratio of 0.83.
McCormick & Company, Incorporated Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 24th. Stockholders of record on Monday, July 10th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Friday, July 7th. McCormick & Company, Incorporated’s payout ratio is currently 60.23%.
Analyst Ratings Changes
MKC has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of McCormick & Company, Incorporated from $69.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 29th. 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 report on Tuesday, June 6th. TheStreet upgraded McCormick & Company, Incorporated from a “c+” rating to a “b-” rating in a report on Friday, June 23rd. StockNews.com began coverage on McCormick & Company, Incorporated in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Barclays raised their price objective on McCormick & Company, Incorporated from $77.00 to $85.00 in a research note on Sunday, July 2nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $83.40.
Insider Activity
In other news, CEO Lawrence Erik Kurzius sold 39,906 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $90.02, for a total transaction of $3,592,338.12. Following the transaction, the chief executive officer now directly owns 159,579 shares of the company’s stock, valued at $14,365,301.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 19.00% of the company’s stock.
About McCormick & Company, Incorporated
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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