CIBC Asset Management Inc Has $2.45 Million Position in McCormick & Company, Incorporated (NYSE:MKC)

CIBC Asset Management Inc raised its stake in McCormick & Company, Incorporated (NYSE:MKCGet Rating) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,373 shares of the company’s stock after acquiring an additional 2,924 shares during the period. CIBC Asset Management Inc’s holdings in McCormick & Company, Incorporated were worth $2,450,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Washington Trust Advisors Inc. bought a new position in shares of McCormick & Company, Incorporated in the third quarter worth $26,000. Pinebridge Investments L.P. bought a new position in McCormick & Company, Incorporated in the 2nd quarter valued at about $29,000. Charter Oak Capital Management LLC acquired a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at approximately $37,000. Clear Street Markets LLC lifted its holdings in shares of McCormick & Company, Incorporated by 40.6% during the 2nd quarter. Clear Street Markets LLC now owns 523 shares of the company’s stock worth $44,000 after acquiring an additional 151 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $44,000. 79.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MKC shares. Exane BNP Paribas assumed coverage on shares of McCormick & Company, Incorporated in a research note on Tuesday, November 15th. They issued an “outperform” rating and a $94.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on McCormick & Company, Incorporated from $79.00 to $83.00 and gave the stock a “hold” rating in a report on Tuesday, December 6th. StockNews.com started coverage on McCormick & Company, Incorporated in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, BNP Paribas assumed coverage on McCormick & Company, Incorporated in a research report on Tuesday, November 15th. They issued an “outperform” rating and a $94.00 target price on the stock. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $93.00.

Insider Activity

In related news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $82.00, for a total value of $410,000.00. Following the completion of the transaction, the director now owns 38,137 shares in the company, valued at approximately $3,127,234. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 15.90% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.1 %

Shares of MKC opened at $78.60 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.33 and a current ratio of 0.77. McCormick & Company, Incorporated has a 52 week low of $71.19 and a 52 week high of $107.35. The stock has a market capitalization of $21.08 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 5.05 and a beta of 0.61. The stock has a fifty day moving average of $83.61 and a 200-day moving average of $82.19.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 9th. Shareholders of record on Friday, December 30th were given a $0.39 dividend. The ex-dividend date was Thursday, December 29th. This is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.37. This represents a $1.56 annualized dividend and a yield of 1.98%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 60.94%.

McCormick & Company, Incorporated Profile

(Get Rating)

McCormick & Co, Inc is engaged in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment operates by selling to retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce through the following brands: McCormick, French’s, Frank’s RedHot, Lawry’s, Zatarain’s, Simply Asia, Thai Kitchen, Ducros, Vahine, Schwartz, Club House, Kamis, Kohinoor, and DaQiao.

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

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