DnB Asset Management AS Increases Position in McCormick & Company, Incorporated (NYSE:MKC)

DnB Asset Management AS grew its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 10.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,101 shares of the company’s stock after purchasing an additional 5,270 shares during the period. DnB Asset Management AS’s holdings in McCormick & Company, Incorporated were worth $4,353,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MKC. Alerus Financial NA acquired a new position in McCormick & Company, Incorporated during the 4th quarter worth about $2,210,000. Level Four Advisory Services LLC increased its stake in McCormick & Company, Incorporated by 1.1% during the fourth quarter. Level Four Advisory Services LLC now owns 71,241 shares of the company’s stock worth $5,431,000 after purchasing an additional 767 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth about $2,932,000. Norges Bank acquired a new position in shares of McCormick & Company, Incorporated in the fourth quarter valued at approximately $223,202,000. Finally, NEOS Investment Management LLC increased its stake in McCormick & Company, Incorporated by 28.5% during the 4th quarter. NEOS Investment Management LLC now owns 11,183 shares of the company’s stock worth $853,000 after buying an additional 2,483 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Trading Down 0.2 %

Shares of McCormick & Company, Incorporated stock opened at $81.47 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68. The company has a fifty day simple moving average of $79.26 and a 200-day simple moving average of $78.81. The stock has a market cap of $21.85 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 3.76 and a beta of 0.71. McCormick & Company, Incorporated has a 12-month low of $66.88 and a 12-month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.04). McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the company earned $0.63 EPS. The business’s revenue was up .2% on a year-over-year basis. On average, equities analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a dividend of $0.45 per share. The ex-dividend date is Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.86%.

Analyst Ratings Changes

Several brokerages have commented on MKC. TD Cowen raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and raised their price target for the company from $86.00 to $90.00 in a research report on Wednesday, January 8th. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and increased their price objective for the company from $85.00 to $91.00 in a research note on Monday, December 9th. Argus cut McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays reduced their price target on McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a report on Friday, January 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $83.75.

Insiders Place Their Bets

In related news, Director Margaret M. V. Preston sold 28,092 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $77.03, for a total value of $2,163,926.76. Following the completion of the sale, the director now owns 6,177 shares in the company, valued at $475,814.31. This represents a 81.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 23.80% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages 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 sells spices, seasonings, condiments, and sauces.