Connecticut Wealth Management LLC Cuts Position in McCormick & Company, Incorporated (NYSE:MKC)

Connecticut Wealth Management LLC cut its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,205 shares of the company’s stock after selling 200 shares during the quarter. Connecticut Wealth Management LLC’s holdings in McCormick & Company, Incorporated were worth $1,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Curio Wealth LLC acquired a new stake in McCormick & Company, Incorporated in the 4th quarter valued at $30,000. Albion Financial Group UT purchased a new position in McCormick & Company, Incorporated during the fourth quarter valued at $33,000. Twin Tree Management LP purchased a new position in McCormick & Company, Incorporated during the fourth quarter valued at $33,000. Lee Danner & Bass Inc. acquired a new stake in shares of McCormick & Company, Incorporated in the fourth quarter valued at about $37,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth about $38,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 2.2%

NYSE MKC opened at $72.60 on Thursday. The business’s fifty day simple moving average is $76.81 and its 200-day simple moving average is $77.39. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68. The firm has a market cap of $19.47 billion, a PE ratio of 24.78, a P/E/G ratio of 3.76 and a beta of 0.74. McCormick & Company, Incorporated has a 52 week low of $66.88 and a 52 week high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.04). McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the business posted $0.63 earnings per share. McCormick & Company, Incorporated’s revenue for the quarter was up .2% on a year-over-year basis. As a group, equities analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Monday, April 7th. McCormick & Company, Incorporated’s payout ratio is presently 61.86%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the company an “underweight” rating in a research note on Friday, January 24th. Barclays decreased their price target on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Finally, Argus cut shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $83.14.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, VP Gregory Repas sold 2,750 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the completion of the sale, the vice president now owns 2,266 shares of the company’s stock, valued at $184,497.72. This trade represents a 54.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $81.81, for a total value of $4,090,500.00. Following the completion of the transaction, the director now directly owns 247,437 shares in the company, valued at approximately $20,242,820.97. This trade represents a 16.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,392 shares of company stock worth $4,898,101. Insiders own 23.80% of the company’s stock.

McCormick & Company, Incorporated Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.