Garner Asset Management Corp Buys 682 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Garner Asset Management Corp grew its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 6.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,215 shares of the company’s stock after purchasing an additional 682 shares during the period. Garner Asset Management Corp’s holdings in McCormick & Company, Incorporated were worth $796,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its stake in shares of McCormick & Company, Incorporated by 2.9% in 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 purchasing an additional 7,898 shares in the last quarter. Ossiam boosted 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 acquiring an additional 19,807 shares during the period. Cetera Investment Advisers boosted 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 acquiring an additional 31,306 shares during the period. Blueshift Asset Management LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth approximately $430,000. Finally, SG Americas Securities LLC increased its stake in McCormick & Company, Incorporated by 333.8% in the 1st quarter. SG Americas Securities LLC now owns 70,977 shares of the company’s stock worth $5,452,000 after purchasing an additional 54,616 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 0.7 %

Shares of McCormick & Company, Incorporated stock opened at $83.90 on Thursday. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $85.49. The firm has a market cap of $22.54 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 4.26 and a beta of 0.76. The company has a 50-day moving average of $78.23 and a 200 day moving average of $74.18. 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 (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. As a group, sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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

Analyst Upgrades and Downgrades

MKC has been the subject of a number of analyst reports. Bank of America increased their price objective on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday. TD Cowen decreased their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Finally, Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $77.38.

Insider Activity

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 22.90% of the company’s stock.

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.