Wellington Management Group LLP Reduces Position in McCormick & Company, Incorporated (NYSE:MKC)

Wellington Management Group LLP trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC) by 16.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,282 shares of the company’s stock after selling 17,341 shares during the period. Wellington Management Group LLP’s holdings in McCormick & Company, Incorporated were worth $6,246,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Anchor Investment Management LLC purchased a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $36,000. VisionPoint Advisory Group LLC bought a new stake in McCormick & Company, Incorporated during the 4th quarter worth approximately $44,000. Valley National Advisers Inc. raised its stake in McCormick & Company, Incorporated by 283.9% during the 4th quarter. Valley National Advisers Inc. now owns 787 shares of the company’s stock worth $53,000 after acquiring an additional 582 shares during the period. Private Trust Co. NA lifted its holdings in McCormick & Company, Incorporated by 59.1% during the fourth quarter. Private Trust Co. NA now owns 781 shares of the company’s stock valued at $53,000 after purchasing an additional 290 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in shares of McCormick & Company, Incorporated by 72.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,093 shares of the company’s stock worth $75,000 after purchasing an additional 461 shares during the period. 79.74% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Stock Up 0.5 %

Shares of MKC opened at $70.94 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30. The stock has a market capitalization of $19.04 billion, a price-to-earnings ratio of 27.08, a price-to-earnings-growth ratio of 3.54 and a beta of 0.74. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $90.83. The business’s 50 day simple moving average is $72.19 and its 200-day simple moving average is $70.15.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. McCormick & Company, Incorporated’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities analysts expect that McCormick & Company, Incorporated will post 2.84 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Insider Buying and Selling

In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at $14,695,277.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $74.35, for a total transaction of $128,328.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,458 shares of company stock worth $7,747,114. Corporate insiders own 22.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MKC shares. Stifel Nicolaus raised their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 27th. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their price target for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Barclays upped their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. TD Cowen cut their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Finally, Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, McCormick & Company, Incorporated has an average rating of “Hold” and an average target price of $76.25.

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.