LMR Partners LLP reduced its position in McCormick & Co. (NYSE:MKC) by 51.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,515 shares of the company’s stock after selling 3,657 shares during the period. LMR Partners LLP’s holdings in McCormick & Co. were worth $375,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Teachers Advisors Inc. raised its stake in McCormick & Co. by 7.5% in the first quarter. Teachers Advisors Inc. now owns 129,673 shares of the company’s stock worth $12,900,000 after buying an additional 9,051 shares during the period. BlackRock Japan Co. Ltd raised its stake in McCormick & Co. by 30.3% in the first quarter. BlackRock Japan Co. Ltd now owns 196,278 shares of the company’s stock worth $19,526,000 after buying an additional 45,647 shares during the period. Advisor Partners LLC purchased a new stake in McCormick & Co. during the first quarter worth $242,000. ING Groep NV purchased a new stake in McCormick & Co. during the first quarter worth $263,000. Finally, Aviva PLC raised its stake in McCormick & Co. by 1.3% in the first quarter. Aviva PLC now owns 58,920 shares of the company’s stock worth $5,861,000 after buying an additional 745 shares during the period. 72.47% of the stock is currently owned by institutional investors.
McCormick & Co. (NYSE:MKC) traded up 0.21% during trading on Thursday, hitting $94.61. 537,276 shares of the stock were exchanged. The stock’s 50 day moving average price is $98.11 and its 200 day moving average price is $99.24. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The stock has a market cap of $11.93 billion, a P/E ratio of 26.12 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings results on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.09. The firm had revenue of $1.09 billion for the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Analysts forecast that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
A number of analysts recently weighed in on MKC shares. Zacks Investment Research lowered shares of McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Tuesday, June 21st. Citigroup Inc. raised shares of McCormick & Co. from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $85.00 to $102.00 in a research report on Thursday, June 23rd. Deutsche Bank AG reissued a “hold” rating and issued a $110.00 price objective (up from $105.00) on shares of McCormick & Co. in a research report on Friday, June 24th. Finally, Sanford C. Bernstein lowered shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $98.99.
McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.