National Bank of Canada FI Increases Stake in McCormick & Company, Incorporated (NYSE:MKC)

National Bank of Canada FI increased its position in McCormick & Company, Incorporated (NYSE:MKC) by 21.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 69,735 shares of the company’s stock after acquiring an additional 12,340 shares during the quarter. National Bank of Canada FI’s holdings in McCormick & Company, Incorporated were worth $4,878,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System grew its holdings in McCormick & Company, Incorporated by 2.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 278,397 shares of the company’s stock valued at $23,165,000 after buying an additional 7,898 shares in the last quarter. Trexquant Investment LP grew its holdings in McCormick & Company, Incorporated by 374.3% during the 4th quarter. Trexquant Investment LP now owns 116,169 shares of the company’s stock valued at $7,948,000 after buying an additional 91,676 shares in the last quarter. Ossiam grew its holdings in McCormick & Company, Incorporated by 89.5% during the 4th quarter. Ossiam now owns 41,928 shares of the company’s stock valued at $2,869,000 after buying an additional 19,807 shares in the last quarter. Cetera Investment Advisers grew its holdings in McCormick & Company, Incorporated by 470.6% during the 1st quarter. Cetera Investment Advisers now owns 37,958 shares of the company’s stock valued at $2,916,000 after buying an additional 31,306 shares in the last quarter. Finally, Blueshift Asset Management LLC purchased a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $430,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC opened at $83.81 on Wednesday. The business has a 50 day moving average of $76.60 and a 200 day moving average of $73.56. The company has a market capitalization of $22.51 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 4.27 and a beta of 0.76. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $84.50. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. McCormick & Company, Incorporated’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS. On average, sell-side analysts predict that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were given a $0.42 dividend. The ex-dividend date was Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a yield of 2.00%. McCormick & Company, Incorporated’s payout ratio is 61.31%.

Insider Buying and Selling

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

Analyst Ratings Changes

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

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.