McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 12.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 81,403 shares of the company’s stock after selling 11,715 shares during the period. M&T Bank Corp’s holdings in McCormick & Company, Incorporated were worth $6,699,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MKC. Curio Wealth LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $30,000. Wayfinding Financial LLC acquired a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $30,000. Salem Investment Counselors Inc. raised its holdings in McCormick & Company, Incorporated by 610.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company’s stock worth $32,000 after buying an additional 336 shares during the period. Twin Tree Management LP acquired a new stake in McCormick & Company, Incorporated during the 4th quarter worth about $33,000. Finally, Ameriflex Group Inc. acquired a new stake in McCormick & Company, Incorporated during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $72.31 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27. McCormick & Company, Incorporated has a fifty-two week low of $69.98 and a fifty-two week high of $86.24. The stock’s 50-day moving average is $74.23 and its two-hundred day moving average is $76.41. The firm has a market cap of $19.41 billion, a P/E ratio of 25.11, a PEG ratio of 3.51 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the firm posted $0.69 EPS. The business’s revenue was up 1.0% compared to the same quarter last year. Analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.49%. The ex-dividend date is Monday, July 7th. McCormick & Company, Incorporated’s dividend payout ratio is 62.50%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MKC shares. UBS Group started coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They set a “neutral” rating and a $83.00 price objective on the stock. Argus cut shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research report on Saturday, July 5th. Finally, Citigroup lowered their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $84.13.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $76.38, for a total value of $583,695.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 23.80% of the stock is owned by corporate insiders.

About McCormick & Company, Incorporated

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.