Axel Capital Management LLC Purchases New Position in McCormick & Company (MKC)

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Axel Capital Management LLC purchased a new position in shares of McCormick & Company (NYSE:MKC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 20,000 shares of the company’s stock, valued at approximately $2,128,000. McCormick & Company comprises approximately 1.9% of Axel Capital Management LLC’s holdings, making the stock its 6th biggest holding.

Other hedge funds have also modified their holdings of the company. Quadrature Capital Ltd acquired a new position in McCormick & Company during the first quarter worth $307,000. Stifel Financial Corp raised its stake in McCormick & Company by 51.6% during the first quarter. Stifel Financial Corp now owns 364,838 shares of the company’s stock worth $38,928,000 after acquiring an additional 124,151 shares in the last quarter. Sei Investments Co. raised its stake in McCormick & Company by 11.5% during the first quarter. Sei Investments Co. now owns 123,522 shares of the company’s stock worth $13,141,000 after acquiring an additional 12,761 shares in the last quarter. Ironvine Capital Partners LLC raised its stake in McCormick & Company by 72.1% during the first quarter. Ironvine Capital Partners LLC now owns 15,750 shares of the company’s stock worth $1,676,000 after acquiring an additional 6,600 shares in the last quarter. Finally, GWM Advisors LLC raised its stake in McCormick & Company by 14.8% during the first quarter. GWM Advisors LLC now owns 78,328 shares of the company’s stock worth $8,133,000 after acquiring an additional 10,113 shares in the last quarter. Institutional investors own 78.33% of the company’s stock.

McCormick & Company stock traded up $1.02 during mid-day trading on Friday, hitting $106.09. The stock had a trading volume of 48,725 shares, compared to its average volume of 873,491. McCormick & Company has a 12 month low of $90.25 and a 12 month high of $111.46. The company has a quick ratio of 0.42, a current ratio of 0.86 and a debt-to-equity ratio of 1.43. The stock has a market cap of $13.87 billion, a price-to-earnings ratio of 24.96, a P/E/G ratio of 2.39 and a beta of 0.57.

McCormick & Company (NYSE:MKC) last released its earnings results on Tuesday, March 27th. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.09. McCormick & Company had a return on equity of 23.39% and a net margin of 16.04%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm posted $0.76 earnings per share. The company’s quarterly revenue was up 18.5% on a year-over-year basis. sell-side analysts expect that McCormick & Company will post 4.92 EPS for the current year.

Several research analysts have issued reports on the company. Zacks Investment Research lowered McCormick & Company from a “buy” rating to a “hold” rating in a research note on Tuesday, February 27th. Credit Suisse Group increased their target price on McCormick & Company from $120.00 to $122.00 and gave the stock an “outperform” rating in a report on Wednesday, March 28th. Citigroup increased their target price on McCormick & Company from $113.00 to $114.00 and gave the stock a “neutral” rating in a report on Wednesday, March 28th. UBS Group increased their target price on McCormick & Company from $106.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, March 28th. Finally, Sanford C. Bernstein increased their target price on McCormick & Company from $113.00 to $118.00 and gave the stock a “market perform” rating in a report on Wednesday, March 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. McCormick & Company currently has an average rating of “Hold” and an average price target of $113.25.

About McCormick & Company

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

Institutional Ownership by Quarter for McCormick & Company (NYSE:MKC)

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