Garner Asset Management Corp Sells 1,318 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Garner Asset Management Corp reduced its position in McCormick & Company, Incorporated (NYSE:MKC) by 11.8% during the third quarter, Holdings Channel reports. The institutional investor owned 9,897 shares of the company’s stock after selling 1,318 shares during the quarter. Garner Asset Management Corp’s holdings in McCormick & Company, Incorporated were worth $815,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MKC. Capital Advisors Ltd. LLC boosted its stake in McCormick & Company, Incorporated by 87.5% in the 2nd 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. Capital Performance Advisors LLP acquired a new stake in McCormick & Company, Incorporated in the 3rd quarter worth approximately $28,000. OFI Invest Asset Management acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter worth approximately $29,000. 1620 Investment Advisors Inc. acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter worth approximately $35,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter worth approximately $39,000. 79.74% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC opened at $77.58 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61. McCormick & Company, Incorporated has a 12 month low of $63.67 and a 12 month high of $85.49. The company has a 50 day simple moving average of $79.62 and a two-hundred day simple moving average of $76.25. The stock has a market cap of $20.82 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 3.56 and a beta of 0.77.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a net margin of 11.87% and a return on equity of 15.30%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the business posted $0.65 EPS. The business’s quarterly revenue was down .3% compared to the same quarter last year. As a group, analysts predict that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.32%. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, December 30th. McCormick & Company, Incorporated’s payout ratio is 57.14%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MKC. Bank of America lifted their target price on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. BNP Paribas upgraded shares of McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen lifted their target price on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.57.

Insider Activity

In other news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.00, for a total transaction of $395,000.00. Following the completion of the transaction, the director now directly owns 40,436 shares of the company’s stock, valued at $3,194,444. The trade was a 11.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 20,000 shares of company stock valued at $1,565,850 in the last three months. 22.90% of the stock is currently owned by corporate insiders.

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.