Jacobi Capital Management LLC Cuts Position in McCormick & Company, Incorporated (NYSE:MKC)

Jacobi Capital Management LLC decreased its position in McCormick & Company, Incorporated (NYSE:MKCGet Rating) by 3.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 5,524 shares of the company’s stock after selling 190 shares during the period. Jacobi Capital Management LLC’s holdings in McCormick & Company, Incorporated were worth $552,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in McCormick & Company, Incorporated by 4.7% in the fourth quarter. BlackRock Inc. now owns 20,370,004 shares of the company’s stock valued at $1,967,945,000 after purchasing an additional 915,428 shares during the last quarter. Fundsmith LLP raised its holdings in McCormick & Company, Incorporated by 1.1% during the 4th quarter. Fundsmith LLP now owns 18,910,918 shares of the company’s stock valued at $1,826,984,000 after acquiring an additional 197,289 shares during the period. State Street Corp raised its holdings in McCormick & Company, Incorporated by 3.6% during the 4th quarter. State Street Corp now owns 13,765,605 shares of the company’s stock valued at $1,334,848,000 after acquiring an additional 481,027 shares during the period. Geode Capital Management LLC raised its holdings in McCormick & Company, Incorporated by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 4,728,544 shares of the company’s stock valued at $455,636,000 after acquiring an additional 113,236 shares during the period. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of McCormick & Company, Incorporated in the fourth quarter worth $257,713,000. Hedge funds and other institutional investors own 74.86% of the company’s stock.

Insider Buying and Selling

In related news, Director Margaret M. V. Preston sold 10,580 shares of the stock in a transaction dated Wednesday, June 29th. The shares were sold at an average price of $84.44, for a total value of $893,375.20. Following the completion of the transaction, the director now directly owns 12,660 shares of the company’s stock, valued at $1,069,010.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 15.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MKC shares. Deutsche Bank Aktiengesellschaft reduced their target price on McCormick & Company, Incorporated from $91.00 to $85.00 and set a “hold” rating on the stock in a research note on Thursday, June 30th. Argus cut McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, TheStreet cut McCormick & Company, Incorporated from a “b” rating to a “c+” rating in a research note on Wednesday, June 15th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus target price of $99.00.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $88.33 on Friday. The company has a 50-day simple moving average of $85.60 and a two-hundred day simple moving average of $94.04. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.85. McCormick & Company, Incorporated has a 12-month low of $77.85 and a 12-month high of $107.35. The firm has a market cap of $23.70 billion, a price-to-earnings ratio of 34.91, a PEG ratio of 5.49 and a beta of 0.50.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last posted its quarterly earnings results on Wednesday, June 29th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.17). The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.61 billion. McCormick & Company, Incorporated had a net margin of 10.78% and a return on equity of 16.48%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 earnings per share. On average, equities analysts forecast that McCormick & Company, Incorporated will post 3.02 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, July 11th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, July 8th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.68%. McCormick & Company, Incorporated’s dividend payout ratio is currently 58.50%.

McCormick & Company, Incorporated Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for McCormick & Company, Incorporated (NYSE:MKC)

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