Bank of New York Mellon Corp Sells 6,093 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Bank of New York Mellon Corp cut its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,609,529 shares of the company’s stock after selling 6,093 shares during the quarter. Bank of New York Mellon Corp’s holdings in McCormick & Company, Incorporated were worth $114,180,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Capital Advisors Ltd. LLC raised its stake in shares of McCormick & Company, Incorporated by 87.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares in the last quarter. OFI Invest Asset Management acquired a new position in McCormick & Company, Incorporated during the second quarter worth $29,000. 1620 Investment Advisors Inc. bought a new stake in McCormick & Company, Incorporated during the second quarter worth $35,000. VisionPoint Advisory Group LLC bought a new stake in McCormick & Company, Incorporated during the fourth quarter worth $44,000. Finally, Lindbrook Capital LLC lifted its stake in McCormick & Company, Incorporated by 16.5% in the first quarter. Lindbrook Capital LLC now owns 944 shares of the company’s stock valued at $73,000 after acquiring an additional 134 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on MKC. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of “Hold” and a consensus target price of $76.25.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction 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 transaction, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Price Performance

Shares of MKC stock opened at $79.25 on Wednesday. The business has a fifty day simple moving average of $73.95 and a 200 day simple moving average of $72.41. The company has a market cap of $21.29 billion, a P/E ratio of 28.92, a P/E/G ratio of 4.02 and a beta of 0.75. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $83.48.

McCormick & Company, Incorporated (NYSE:MKC) last posted its 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 firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 earnings per share. On average, sell-side analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a dividend of $0.42 per share. The ex-dividend date was Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.12%. McCormick & Company, Incorporated’s payout ratio is presently 61.31%.

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.