Creative Planning Lowers Position in McCormick & Company, Incorporated (NYSE:MKC)

Creative Planning cut its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133,515 shares of the company’s stock after selling 748 shares during the quarter. Creative Planning’s holdings in McCormick & Company, Incorporated were worth $10,988,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Board of Administration of Florida Retirement System grew its holdings in shares of McCormick & Company, Incorporated by 2.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 278,397 shares of the company’s stock worth $23,165,000 after purchasing an additional 7,898 shares during the period. Cetera Investment Advisers lifted its stake in McCormick & Company, Incorporated by 470.6% during the 1st quarter. Cetera Investment Advisers now owns 37,958 shares of the company’s stock worth $2,916,000 after acquiring an additional 31,306 shares in the last quarter. SG Americas Securities LLC lifted its stake in McCormick & Company, Incorporated by 333.8% during the 1st quarter. SG Americas Securities LLC now owns 70,977 shares of the company’s stock worth $5,452,000 after acquiring an additional 54,616 shares in the last quarter. Sei Investments Co. lifted its stake in McCormick & Company, Incorporated by 11.8% during the 1st quarter. Sei Investments Co. now owns 155,594 shares of the company’s stock worth $11,951,000 after acquiring an additional 16,420 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its stake in McCormick & Company, Incorporated by 1.1% during the 2nd quarter. Boston Trust Walden Corp now owns 632,674 shares of the company’s stock worth $44,882,000 after acquiring an additional 6,588 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MKC shares. Stifel Nicolaus increased their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Bank of America increased their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen increased their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.57.

McCormick & Company, Incorporated Price Performance

MKC stock opened at $78.86 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.71 and a quick ratio of 0.32. The firm has a market capitalization of $21.18 billion, a P/E ratio of 28.78, a P/E/G ratio of 3.66 and a beta of 0.77. The business’s 50-day moving average is $81.08 and its two-hundred day moving average is $75.84. McCormick & Company, Incorporated has a 1 year low of $59.45 and a 1 year high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. McCormick & Company, Incorporated’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS. Analysts anticipate that McCormick & Company, Incorporated will post 2.92 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were issued a $0.42 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.13%. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.

About McCormick & Company, Incorporated

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.