Azzad Asset Management Inc. ADV Makes New $3.01 Million Investment in McCormick & Company, Incorporated (NYSE:MKC)

Azzad Asset Management Inc. ADV bought a new position in shares of McCormick & Company, Incorporated (NYSE:MKC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 36,569 shares of the company’s stock, valued at approximately $3,010,000.

Other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. boosted its position in McCormick & Company, Incorporated by 610.9% during the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company’s stock worth $32,000 after purchasing an additional 336 shares in the last quarter. Curio Wealth LLC purchased a new stake in McCormick & Company, Incorporated during the fourth quarter worth $30,000. Ameriflex Group Inc. purchased a new stake in McCormick & Company, Incorporated during the fourth quarter worth $33,000. Twin Tree Management LP purchased a new stake in McCormick & Company, Incorporated during the fourth quarter worth $33,000. Finally, Lee Danner & Bass Inc. purchased a new stake in McCormick & Company, Incorporated during the fourth quarter worth $37,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Argus downgraded McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, McCormick & Company, Incorporated presently has an average rating of “Moderate Buy” and an average price target of $85.50.

McCormick & Company, Incorporated Stock Down 2.5%

Shares of NYSE:MKC opened at $73.93 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68. McCormick & Company, Incorporated has a 52-week low of $66.88 and a 52-week high of $86.24. The stock’s fifty day simple moving average is $74.53 and its 200-day simple moving average is $76.99. The company has a market capitalization of $19.83 billion, a P/E ratio of 25.23, a P/E/G ratio of 3.76 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last issued 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). The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.61 billion. McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The firm’s revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 earnings per share. As a group, equities research analysts forecast that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $1.80 annualized dividend and a yield of 2.43%. McCormick & Company, Incorporated’s payout ratio is currently 61.86%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was 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 represents a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Katherine Jenkins sold 7,642 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $76.38, for a total value of $583,695.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,392 shares of company stock worth $4,898,101. 23.80% of the stock is currently owned by insiders.

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.