Allstate Corp Invests $575,000 in McCormick & Company, Incorporated (NYSE:MKC)

Allstate Corp bought a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,545 shares of the company’s stock, valued at approximately $575,000.

Several other institutional investors also recently bought and sold shares of the company. Curio Wealth LLC acquired a new position in shares of McCormick & Company, Incorporated during the fourth quarter worth $30,000. Twin Tree Management LP acquired a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $33,000. Albion Financial Group UT acquired a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $33,000. Lee Danner & Bass Inc. purchased a new stake in McCormick & Company, Incorporated in the fourth quarter valued at about $37,000. Finally, Rosenberg Matthew Hamilton acquired a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $38,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Margaret M. V. Preston sold 28,092 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $77.03, for a total transaction of $2,163,926.76. Following the completion of the transaction, the director now directly owns 6,177 shares of the company’s stock, valued at $475,814.31. This represents a 81.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 23.80% of the company’s stock.

Analyst Ratings Changes

MKC has been the topic of several recent analyst reports. Barclays cut their price objective on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. Argus cut shares of McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. JPMorgan Chase & Co. lifted their price objective on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a research note on Friday, January 24th. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their target price for the company from $85.00 to $91.00 in a research report on Monday, December 9th. Finally, TD Cowen raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their price target for the stock from $86.00 to $90.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $83.75.

McCormick & Company, Incorporated Price Performance

Shares of MKC opened at $82.22 on Wednesday. The business’s 50-day moving average is $79.59 and its two-hundred day moving average is $78.79. The company has a market capitalization of $22.05 billion, a P/E ratio of 28.06, a P/E/G ratio of 3.76 and a beta of 0.71. McCormick & Company, Incorporated has a fifty-two week low of $66.88 and a fifty-two week high of $86.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.31 and a current ratio of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, March 25th. The company reported $0.60 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 company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business earned $0.63 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. Research analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.19%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.86%.

About McCormick & Company, Incorporated

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.