Franklin Resources Inc. Grows Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

Franklin Resources Inc. raised its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,904,254 shares of the company’s stock after buying an additional 10,968 shares during the period. Franklin Resources Inc. owned about 1.83% of McCormick & Company, Incorporated worth $335,549,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of McCormick & Company, Incorporated by 64.6% during the 3rd quarter. Wellington Management Group LLP now owns 108,623 shares of the company’s stock valued at $8,216,000 after buying an additional 42,625 shares during the last quarter. Cullen Investment Group LTD. purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter valued at about $5,728,000. International Assets Investment Management LLC raised its stake in shares of McCormick & Company, Incorporated by 7,344.4% during the 4th quarter. International Assets Investment Management LLC now owns 116,132 shares of the company’s stock valued at $7,946,000 after buying an additional 114,572 shares during the last quarter. abrdn plc increased its stake in shares of McCormick & Company, Incorporated by 19.1% in the 4th quarter. abrdn plc now owns 443,332 shares of the company’s stock valued at $30,333,000 after purchasing an additional 71,133 shares in the last quarter. Finally, Jacobs & Co. CA increased its stake in shares of McCormick & Company, Incorporated by 12.7% in the 4th quarter. Jacobs & Co. CA now owns 142,949 shares of the company’s stock valued at $9,780,000 after purchasing an additional 16,098 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.3 %

Shares of McCormick & Company, Incorporated stock traded down $0.23 during trading hours on Wednesday, reaching $73.77. 399,607 shares of the company were exchanged, compared to its average volume of 1,934,475. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $94.39. The stock’s fifty day moving average is $73.99 and its 200 day moving average is $69.43. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. The firm has a market cap of $19.80 billion, a PE ratio of 28.04, a PEG ratio of 3.81 and a beta of 0.73.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. As a group, equities research analysts forecast 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, April 22nd. Investors of record on Monday, April 8th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.28%. The ex-dividend date was Friday, April 5th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MKC. Argus upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research note on Tuesday, April 2nd. Citigroup lifted their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research note on Wednesday, March 27th. Stifel Nicolaus lifted their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, March 27th. JPMorgan Chase & Co. cut their price target on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research note on Friday, January 26th. Finally, Barclays lifted their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and a consensus target price of $77.88.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Maritza Gomez Montiel sold 7,000 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the transaction, the director now owns 5,594 shares in the company, valued at $430,738. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maritza Gomez Montiel sold 7,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $77.00, for a total transaction of $539,000.00. Following the completion of the sale, the director now owns 5,594 shares of the company’s stock, valued at approximately $430,738. The disclosure for this sale can be found here. Insiders have sold 31,458 shares of company stock valued at $2,386,114 over the last quarter. 22.90% of the stock is owned by insiders.

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.