McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by DB Fitzpatrick & Co Inc

DB Fitzpatrick & Co Inc reduced its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 27.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,719 shares of the company’s stock after selling 6,035 shares during the period. DB Fitzpatrick & Co Inc’s holdings in McCormick & Company, Incorporated were worth $1,115,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth $160,999,000. Massachusetts Financial Services Co. MA boosted its stake in McCormick & Company, Incorporated by 41.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,359,068 shares of the company’s stock worth $366,667,000 after buying an additional 1,577,636 shares during the last quarter. Nuance Investments LLC purchased a new stake in McCormick & Company, Incorporated in the 1st quarter valued at about $73,160,000. Vanguard Group Inc. increased its stake in shares of McCormick & Company, Incorporated by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock valued at $2,390,261,000 after acquiring an additional 883,327 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of McCormick & Company, Incorporated by 299.9% during the 1st quarter. Intech Investment Management LLC now owns 402,223 shares of the company’s stock worth $30,895,000 after acquiring an additional 301,652 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 1.4 %

Shares of MKC stock traded down $1.12 on Thursday, hitting $76.84. The stock had a trading volume of 1,402,131 shares, compared to its average volume of 1,974,265. The stock’s 50 day moving average is $72.41 and its 200-day moving average is $71.76. The firm has a market capitalization of $20.64 billion, a price-to-earnings ratio of 28.45, a P/E/G ratio of 4.02 and a beta of 0.75. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $86.42. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the company earned $0.60 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, research analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.31%.

Analyst Ratings Changes

A number of research analysts recently weighed in on MKC shares. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their target price for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen reduced their price objective on 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 investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $76.25.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 22.90% of the company’s stock.

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.