Summit Securities Group LLC Takes $130,000 Position in McCormick & Company, Incorporated (NYSE:MKC)

Summit Securities Group LLC bought a new stake in McCormick & Company, Incorporated (NYSE:MKC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,700 shares of the company’s stock, valued at approximately $130,000.

Several other hedge funds and other institutional investors have also bought and sold shares of MKC. Norges Bank acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $223,202,000. State Street Corp raised its holdings in shares of McCormick & Company, Incorporated by 7.8% during the third quarter. State Street Corp now owns 15,315,905 shares of the company’s stock valued at $1,260,499,000 after purchasing an additional 1,114,706 shares during the period. Point72 Asset Management L.P. boosted its position in shares of McCormick & Company, Incorporated by 58.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,544,531 shares of the company’s stock worth $127,115,000 after purchasing an additional 568,276 shares in the last quarter. Benjamin Edwards Inc. raised its stake in McCormick & Company, Incorporated by 2,778.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 456,920 shares of the company’s stock worth $37,606,000 after buying an additional 441,048 shares during the period. Finally, Amundi boosted its holdings in McCormick & Company, Incorporated by 37.5% in the fourth quarter. Amundi now owns 1,372,446 shares of the company’s stock worth $102,275,000 after acquiring an additional 374,559 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.

Insider Buying and Selling at McCormick & Company, Incorporated

In related news, Director Margaret M. V. Preston sold 28,092 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $77.03, for a total value of $2,163,926.76. Following the sale, the director now directly owns 6,177 shares in the company, valued at approximately $475,814.31. The trade was a 81.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 23.80% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

MKC stock opened at $81.47 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68. The firm has a market cap of $21.85 billion, a PE ratio of 27.80, a P/E/G ratio of 3.76 and a beta of 0.71. The business has a 50 day moving average of $79.26 and a 200-day moving average of $78.83. 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 announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.61 billion. McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. As a group, sell-side analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

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

Wall Street Analyst Weigh In

MKC has been the topic of a number of research reports. TD Cowen raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their target price for the stock from $86.00 to $90.00 in a research report on Wednesday, January 8th. Argus lowered shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $91.00 in a research report on Monday, December 9th. Barclays dropped their price target on shares of 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. increased their price objective on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.75.

McCormick & Company, Incorporated 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.