Massachusetts Financial Services Co. MA Sells 101,830 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Massachusetts Financial Services Co. MA trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,887,420 shares of the company’s stock after selling 101,830 shares during the period. Massachusetts Financial Services Co. MA owned 1.45% of McCormick & Company, Incorporated worth $275,774,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MKC. Capital Advisors Ltd. LLC raised its holdings in McCormick & Company, Incorporated by 87.5% in the second 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 bought a new position in shares of McCormick & Company, Incorporated during the 2nd quarter worth approximately $29,000. 1620 Investment Advisors Inc. purchased a new stake in McCormick & Company, Incorporated during the second quarter valued at approximately $35,000. Farmers & Merchants Investments Inc. boosted its stake in McCormick & Company, Incorporated by 40.3% in the second quarter. Farmers & Merchants Investments Inc. now owns 794 shares of the company’s stock valued at $56,000 after acquiring an additional 228 shares in the last quarter. Finally, Hantz Financial Services Inc. purchased a new position in McCormick & Company, Incorporated in the second quarter worth $67,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Price Performance

Shares of NYSE:MKC opened at $84.50 on Wednesday. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $85.49. 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 company has a market cap of $22.70 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. The company’s 50 day moving average is $77.98 and its 200 day moving average is $74.11.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Thursday, June 27th. The company reported $0.69 EPS 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 business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm earned $0.60 EPS. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were issued a $0.42 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a dividend yield of 1.99%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares in the company, valued at $14,944,350. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 22.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MKC. TD Cowen decreased their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a report on Monday, June 24th. Bank of America increased their price target on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price target 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 assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.38.

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.