Sanctuary Advisors LLC Makes New Investment in McCormick & Company, Incorporated (NYSE:MKC)

Sanctuary Advisors LLC acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 69,956 shares of the company’s stock, valued at approximately $5,298,000.

Other hedge funds have also recently modified their holdings of the company. Allianz Asset Management GmbH boosted its position in McCormick & Company, Incorporated by 27.0% in the 4th quarter. Allianz Asset Management GmbH now owns 38,107 shares of the company’s stock worth $2,607,000 after purchasing an additional 8,113 shares in the last quarter. NEOS Investment Management LLC acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $224,000. CIBC Private Wealth Group LLC lifted its stake in shares of McCormick & Company, Incorporated by 34.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 10,887 shares of the company’s stock valued at $745,000 after purchasing an additional 2,768 shares during the period. First Trust Advisors LP boosted its holdings in McCormick & Company, Incorporated by 6.1% during the fourth quarter. First Trust Advisors LP now owns 1,004,628 shares of the company’s stock worth $68,737,000 after buying an additional 57,839 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in McCormick & Company, Incorporated by 6.5% during the fourth quarter. 1832 Asset Management L.P. now owns 141,006 shares of the company’s stock valued at $9,648,000 after buying an additional 8,617 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at approximately $14,944,350. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 22.90% of the company’s stock.

Wall Street Analyst Weigh In

MKC has been the subject of a number of analyst reports. BNP Paribas upgraded shares of McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday. Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America raised their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. Finally, TD Cowen lifted their price target on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $79.57.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE:MKC opened at $80.61 on Friday. The business’s 50 day moving average price is $80.43 and its 200-day moving average price is $75.33. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $85.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The firm has a market capitalization of $21.65 billion, a PE ratio of 29.42, a P/E/G ratio of 4.24 and a beta of 0.77.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.15. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

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.