Point72 Asset Management L.P. Buys 975,255 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Point72 Asset Management L.P. raised its stake in McCormick & Company, Incorporated (NYSE:MKC) by 97,525.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 976,255 shares of the company’s stock after purchasing an additional 975,255 shares during the period. Point72 Asset Management L.P.’s holdings in McCormick & Company, Incorporated were worth $69,256,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MKC. Focus Financial Network Inc. ADV acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $706,000. Allianz Asset Management GmbH boosted its stake in McCormick & Company, Incorporated by 27.0% during the fourth quarter. Allianz Asset Management GmbH now owns 38,107 shares of the company’s stock worth $2,607,000 after buying an additional 8,113 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in McCormick & Company, Incorporated by 4.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 168,867 shares of the company’s stock worth $11,554,000 after buying an additional 7,520 shares in the last quarter. Roundview Capital LLC bought a new stake in McCormick & Company, Incorporated in the 4th quarter valued at $744,000. Finally, Camden National Bank raised its stake in shares of McCormick & Company, Incorporated by 87.4% in the 4th quarter. Camden National Bank now owns 107,551 shares of the company’s stock valued at $7,359,000 after buying an additional 50,162 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE:MKC opened at $83.38 on Thursday. The business has a fifty day moving average of $79.12 and a 200-day moving average of $74.64. 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 twelve month low of $59.13 and a twelve month high of $85.49. The firm has a market cap of $22.40 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data 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 net margin of 11.07% and a return on equity of 14.63%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company posted $0.60 EPS. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.01%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen decreased their target price 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. Bank of America lifted their price objective on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Finally, Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $76.14.

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.