McCormick & Company, Incorporated (NYSE:MKC) Shares Bought by Summit Financial LLC

Summit Financial LLC raised its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 16.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,198 shares of the company’s stock after buying an additional 1,007 shares during the quarter. Summit Financial LLC’s holdings in McCormick & Company, Incorporated were worth $511,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Advisors Ltd. LLC raised its position in shares of McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. OFI Invest Asset Management acquired a new position in McCormick & Company, Incorporated during the 2nd quarter valued at approximately $29,000. 1620 Investment Advisors Inc. purchased a new position in shares of McCormick & Company, Incorporated in the second quarter worth $35,000. VisionPoint Advisory Group LLC acquired a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth $44,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of McCormick & Company, Incorporated during the second quarter valued at $67,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.90% of the stock is currently owned by insiders.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $80.03 on Tuesday. The firm has a market capitalization of $21.50 billion, a P/E ratio of 29.21, a PEG ratio of 4.12 and a beta of 0.75. The stock has a 50-day simple moving average of $75.03 and a two-hundred day simple moving average of $72.91. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $83.48.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the business earned $0.60 earnings per share. McCormick & Company, Incorporated’s quarterly revenue was down 1.0% on a year-over-year basis. On average, equities analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MKC shares. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen reduced their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $76.25.

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.