McCormick & Co. (MKC) Shares Bought by PGGM Investments
PGGM Investments increased its position in McCormick & Co. (NYSE:MKC) by 0.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 99,096 shares of the company’s stock after buying an additional 27 shares during the period. PGGM Investments owned approximately 0.08% of McCormick & Co. worth $10,571,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. raised its stake in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new position in McCormick & Co. during the second quarter worth approximately $207,000. Sigma Planning Corp purchased a new position in McCormick & Co. during the second quarter worth approximately $211,000. Community Trust & Investment Co. purchased a new position in McCormick & Co. during the second quarter worth approximately $213,000. Finally, Train Babcock Advisors LLC purchased a new position in McCormick & Co. during the second quarter worth approximately $213,000. 72.48% of the stock is owned by institutional investors and hedge funds.
Shares of McCormick & Co. (NYSE:MKC) traded up 2.60% during midday trading on Friday, hitting $99.92. 2,215,726 shares of the stock traded hands. The company has a market capitalization of $12.65 billion, a PE ratio of 29.63 and a beta of 0.48. The firm’s 50 day moving average price is $99.50 and its 200 day moving average price is $99.20. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84.
McCormick & Co. (NYSE:MKC) last released its quarterly earnings data on Friday, September 30th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the business posted $0.85 EPS. McCormick & Co.’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts expect that McCormick & Co. will post $3.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, October 6th. McCormick & Co.’s dividend payout ratio (DPR) is presently 50.89%.
MKC has been the topic of a number of research reports. Zacks Investment Research downgraded McCormick & Co. from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Citigroup Inc. upgraded 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 report on Thursday, June 23rd. Deutsche Bank AG restated a “hold” rating and issued a $110.00 price objective (up previously from $105.00) on shares of McCormick & Co. in a report on Friday, June 24th. Finally, Sanford C. Bernstein downgraded McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. McCormick & Co. has an average rating of “Hold” and a consensus price target of $97.11.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $105.17, for a total value of $4,091,113.00. Following the sale, the chief financial officer now owns 94,012 shares in the company, valued at approximately $9,887,242.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patricia A. Little sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $107.22, for a total value of $402,075.00. Following the completion of the sale, the director now owns 13,227 shares in the company, valued at approximately $1,418,198.94. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.
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.
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