Alta Capital Management LLC Sells 1,757 Shares of McCormick & Co. (MKC)
Alta Capital Management LLC cut its position in McCormick & Co. (NYSE:MKC) by 1.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 152,143 shares of the company’s stock after selling 1,757 shares during the period. Alta Capital Management LLC owned about 0.12% of McCormick & Co. worth $15,202,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Coconut Grove Bank boosted its position in shares of McCormick & Co. by 1.1% in the second quarter. Coconut Grove Bank now owns 1,145 shares of the company’s stock worth $122,000 after buying an additional 12 shares during the period. Synovus Financial Corp boosted its position in shares of McCormick & Co. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,356 shares of the company’s stock worth $250,000 after buying an additional 15 shares during the period. HM Capital Management LLC boosted its position in shares of McCormick & Co. by 0.5% in the second quarter. HM Capital Management LLC now owns 3,641 shares of the company’s stock worth $388,000 after buying an additional 17 shares during the period. Mission Wealth Management LLC boosted its position in shares of McCormick & Co. by 1.0% in the second quarter. Mission Wealth Management LLC now owns 2,342 shares of the company’s stock worth $250,000 after buying an additional 24 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of McCormick & Co. by 2.0% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 2,931 shares of the company’s stock worth $281,000 after buying an additional 57 shares during the period. Hedge funds and other institutional investors own 72.26% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.14% during midday trading on Monday, hitting $92.43. The company’s stock had a trading volume of 277,573 shares. The firm has a 50-day moving average of $93.77 and a 200 day moving average of $98.66. The firm has a market cap of $11.65 billion, a price-to-earnings ratio of 25.52 and a beta of 0.50. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84.
McCormick & Co. (NYSE:MKC) last posted its quarterly earnings results on Friday, September 30th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The firm earned $1.09 billion during the quarter. During the same period in the prior year, the business posted $0.85 EPS. McCormick & Co.’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that McCormick & Co. will post $3.79 EPS for the current fiscal year.
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MKC has been the subject of a number of recent analyst reports. Zacks Investment Research cut McCormick & Co. from a “buy” rating to a “hold” rating in a report on Monday. Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. Deutsche Bank AG dropped their price objective on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a report on Friday, September 23rd. Jefferies Group dropped their price objective on McCormick & Co. from $100.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, October 12th. Finally, Credit Suisse Group AG upgraded McCormick & Co. from a “neutral” rating to an “outperform” rating and set a $111.00 price objective for the company in a report on Tuesday, October 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $100.11.
In related news, Director Freeman A. Hrabowski III sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $94.15, for a total value of $188,300.00. Following the completion of the sale, the director now owns 38,442 shares of the company’s stock, valued at $3,619,314.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 13.70% of the stock is owned by corporate insiders.
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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