McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC) by 33.4% in the second quarter, Holdings Channel reports. The firm owned 94,508 shares of the company’s stock after selling 47,291 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in McCormick & Company, Incorporated were worth $6,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of McCormick & Company, Incorporated in the 4th quarter worth $160,999,000. Nuance Investments LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 1st quarter worth $73,160,000. Vanguard Group Inc. lifted its stake in shares of McCormick & Company, Incorporated by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock worth $2,390,261,000 after acquiring an additional 883,327 shares during the period. Intech Investment Management LLC lifted its stake in shares of McCormick & Company, Incorporated by 299.9% in the first quarter. Intech Investment Management LLC now owns 402,223 shares of the company’s stock valued at $30,895,000 after purchasing an additional 301,652 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of McCormick & Company, Incorporated in the first quarter valued at about $22,275,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC opened at $83.76 on Monday. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $77.38 and a two-hundred day moving average price of $73.89. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $84.50. The company has a market capitalization of $22.50 billion, a P/E ratio of 30.57, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76.

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

McCormick & Company, Incorporated Dividend Announcement

The business 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 annualized dividend and a dividend yield of 2.01%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly 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 is available through this hyperlink. Corporate insiders own 22.90% of the company’s stock.

Wall Street Analyst Weigh In

MKC has been the subject of several recent analyst reports. TD Cowen reduced their price objective on shares of 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. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their price objective for the company from $68.00 to $69.00 in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $76.25.

McCormick & Company, Incorporated 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.