TIAA Trust National Association Cuts Stake in McCormick & Company, Incorporated (NYSE:MKC)

TIAA Trust National Association lowered its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 7.9% in the second quarter, Holdings Channel reports. The institutional investor owned 10,551 shares of the company’s stock after selling 907 shares during the period. TIAA Trust National Association’s holdings in McCormick & Company, Incorporated were worth $748,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Advisors Ltd. LLC grew 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 during the period. OFI Invest Asset Management acquired a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth $29,000. 1620 Investment Advisors Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth $35,000. VisionPoint Advisory Group LLC acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth $44,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth $67,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MKC has been the topic of a number of recent analyst reports. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their price target for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. TD Cowen lowered their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $76.25.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 22.90% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $83.04 on Friday. The stock has a market cap of $22.31 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 4.12 and a beta of 0.75. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $83.48. The company’s 50-day moving average price is $75.82 and its 200 day moving average price is $73.15. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company earned $0.60 EPS. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, research analysts forecast 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 declared 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 annualized dividend and a dividend yield of 2.02%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

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.