McCormick & Company, Incorporated $MKC Shares Sold by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. reduced its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 38.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,438 shares of the company’s stock after selling 6,630 shares during the period. Tocqueville Asset Management L.P.’s holdings in McCormick & Company, Incorporated were worth $859,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MKC. Select Equity Group L.P. acquired a new position in shares of McCormick & Company, Incorporated during the fourth quarter worth $104,863,000. Balyasny Asset Management L.P. lifted its position in shares of McCormick & Company, Incorporated by 47.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company’s stock worth $216,771,000 after purchasing an additional 915,807 shares in the last quarter. Nuveen LLC acquired a new position in shares of McCormick & Company, Incorporated during the first quarter worth $55,643,000. Westfield Capital Management Co. LP acquired a new position in shares of McCormick & Company, Incorporated during the first quarter worth $47,056,000. Finally, Northern Trust Corp lifted its position in shares of McCormick & Company, Incorporated by 16.8% during the fourth quarter. Northern Trust Corp now owns 3,693,239 shares of the company’s stock worth $281,573,000 after purchasing an additional 531,060 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Down 0.7%

MKC stock opened at $69.68 on Monday. 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 1-year low of $68.42 and a 1-year high of $86.24. The firm has a fifty day moving average price of $72.69 and a two-hundred day moving average price of $75.65. The firm has a market cap of $18.70 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 3.35 and a beta of 0.66.

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

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a dividend of $0.45 per share. The ex-dividend date was Monday, July 7th. This represents a $1.80 annualized dividend and a yield of 2.6%. McCormick & Company, Incorporated’s payout ratio is presently 62.50%.

Wall Street Analyst Weigh In

MKC has been the topic of a number of recent research reports. Wall Street Zen raised shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research report on Saturday, July 5th. UBS Group initiated coverage on shares of McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a “neutral” rating and a $83.00 price target on the stock. Citigroup cut their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, June 17th. Finally, Stifel Nicolaus cut their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a “hold” rating on the stock in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of “Hold” and a consensus target price of $83.00.

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.