Canada Pension Plan Investment Board Raises Position in McCormick & Company, Incorporated (NYSE:MKC)

Canada Pension Plan Investment Board increased its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 0.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 578,459 shares of the company’s stock after buying an additional 5,400 shares during the period. Canada Pension Plan Investment Board owned 0.22% of McCormick & Company, Incorporated worth $41,036,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC raised its position in McCormick & Company, Incorporated by 87.5% during the second quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. OFI Invest Asset Management purchased a new stake in McCormick & Company, Incorporated during the second quarter valued at about $29,000. 1620 Investment Advisors Inc. purchased a new stake in McCormick & Company, Incorporated during the second quarter valued at about $35,000. Farmers & Merchants Investments Inc. raised its position in McCormick & Company, Incorporated by 40.3% during the second quarter. Farmers & Merchants Investments Inc. now owns 794 shares of the company’s stock valued at $56,000 after purchasing an additional 228 shares in the last quarter. Finally, Hantz Financial Services Inc. purchased a new stake in McCormick & Company, Incorporated during the second quarter valued at about $67,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.4 %

Shares of NYSE:MKC opened at $82.99 on Friday. The stock’s 50-day moving average price is $78.70 and its 200-day moving average price is $74.39. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The stock has a market capitalization of $22.29 billion, a P/E ratio of 30.29, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

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

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were paid a $0.42 dividend. The ex-dividend date was Monday, July 8th. This represents a $1.68 annualized dividend and a dividend yield of 2.02%. McCormick & Company, Incorporated’s payout ratio is presently 61.31%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MKC shares. Citigroup upgraded 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 research report on Wednesday, June 12th. Bank of America raised their price target on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, TD Cowen lowered their price target 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $77.38.

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.90% of the stock is owned by insiders.

McCormick & Company, Incorporated 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.