Legacy Financial Strategies LLC Lowers Stake in McCormick & Company, Incorporated (NYSE:MKC)

Legacy Financial Strategies LLC reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,061 shares of the company’s stock after selling 141 shares during the quarter. Legacy Financial Strategies LLC’s holdings in McCormick & Company, Incorporated were worth $3,050,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Point72 Asset Management L.P. lifted its stake in McCormick & Company, Incorporated by 97,525.5% in the second quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock worth $69,256,000 after acquiring an additional 975,255 shares during the period. Nuance Investments LLC purchased a new stake in McCormick & Company, Incorporated in the first quarter worth about $73,160,000. Vanguard Group Inc. lifted its stake in McCormick & Company, Incorporated by 2.9% in the first quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock worth $2,390,261,000 after acquiring an additional 883,327 shares during the period. Marshall Wace LLP purchased a new stake in McCormick & Company, Incorporated in the second quarter worth about $51,286,000. Finally, Millennium Management LLC lifted its stake in McCormick & Company, Incorporated by 111.2% in the second quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after acquiring an additional 386,320 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Up 0.2 %

Shares of MKC traded up $0.16 during mid-day trading on Friday, hitting $80.18. 1,526,895 shares of the company traded hands, compared to its average volume of 1,927,508. McCormick & Company, Incorporated has a 1-year low of $59.45 and a 1-year high of $85.49. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $21.54 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 3.66 and a beta of 0.77. The business has a 50 day moving average of $81.01 and a 200 day moving average of $75.82.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (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 firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts anticipate that McCormick & Company, Incorporated will post 2.92 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.10%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. TD Cowen upped their price objective 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. Stifel Nicolaus increased their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. BNP Paribas raised shares of McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. Finally, Bank of America increased their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $79.57.

McCormick & Company, Incorporated Company 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.