MQS Management LLC Takes Position in McCormick & Company, Incorporated (NYSE:MKC)

MQS Management LLC bought a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,260 shares of the company’s stock, valued at approximately $373,000.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in McCormick & Company, Incorporated during the fourth quarter worth $160,999,000. Nuance Investments LLC purchased a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth about $73,160,000. Vanguard Group Inc. grew its holdings in McCormick & Company, Incorporated by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock valued at $2,390,261,000 after purchasing an additional 883,327 shares during the last quarter. Intech Investment Management LLC raised its position in McCormick & Company, Incorporated by 299.9% in the 1st quarter. Intech Investment Management LLC now owns 402,223 shares of the company’s stock worth $30,895,000 after purchasing an additional 301,652 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in McCormick & Company, Incorporated in the first quarter worth about $22,275,000. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.7 %

Shares of NYSE:MKC opened at $83.35 on Friday. The business’s 50 day moving average is $78.47 and its 200 day moving average is $74.25. The stock has a market cap of $22.39 billion, a P/E ratio of 30.42, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. Sell-side analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.31%.

Analysts Set New Price Targets

A number of research firms have recently commented on MKC. Bank of America upped their target price on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday. TD Cowen cut their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Finally, Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $77.38.

Insider Activity

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 22.90% of the company’s stock.

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.