Oppenheimer & Co. Inc. Sells 11,508 Shares of McCormick & Company, Incorporated $MKC

Oppenheimer & Co. Inc. cut its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 62.0% in the fourth quarter, HoldingsChannel reports. The fund owned 7,059 shares of the company’s stock after selling 11,508 shares during the period. Oppenheimer & Co. Inc.’s holdings in McCormick & Company, Incorporated were worth $481,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GoalVest Advisory LLC bought a new position in shares of McCormick & Company, Incorporated during the 4th quarter valued at approximately $28,000. SouthState Bank Corp grew its stake in shares of McCormick & Company, Incorporated by 1,777.8% during the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company’s stock valued at $34,000 after acquiring an additional 480 shares during the period. Steigerwald Gordon & Koch Inc. bought a new position in shares of McCormick & Company, Incorporated during the 3rd quarter valued at approximately $37,000. Rakuten Investment Management Inc. bought a new position in shares of McCormick & Company, Incorporated during the 3rd quarter valued at approximately $47,000. Finally, MUFG Securities EMEA plc bought a new position in shares of McCormick & Company, Incorporated during the 2nd quarter valued at approximately $56,000. 79.74% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated Trading Up 0.8%

MKC stock opened at $48.29 on Friday. McCormick & Company, Incorporated has a 1-year low of $47.30 and a 1-year high of $78.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.76 and a quick ratio of 0.36. The company has a market capitalization of $12.98 billion, a price-to-earnings ratio of 7.92, a PEG ratio of 2.37 and a beta of 0.68. The business has a 50 day simple moving average of $55.38 and a two-hundred day simple moving average of $62.60.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the company posted $0.60 EPS. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Research analysts anticipate that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, April 20th. McCormick & Company, Incorporated’s payout ratio is 31.48%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MKC shares. UBS Group cut their price objective on McCormick & Company, Incorporated from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. TD Cowen cut their price objective on McCormick & Company, Incorporated from $75.00 to $64.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Stifel Nicolaus cut their price objective on McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Sanford C. Bernstein cut their price objective on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating for the company in a research note on Tuesday, March 24th. Finally, HSBC cut their price objective on McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $64.27.

Insider Transactions at McCormick & Company, Incorporated

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $71.63, for a total value of $3,581,500.00. Following the sale, the insider directly owned 296,992 shares of the company’s stock, valued at approximately $21,273,536.96. The trade was a 14.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gavin Hattersley bought 2,000 shares of the stock in a transaction dated Friday, April 10th. The shares were purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the completion of the transaction, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. The trade was a 220.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 10.60% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.