McCormick & Company, Incorporated (NYSE:MKC) Sees Significant Drop in Short Interest

McCormick & Company, Incorporated (NYSE:MKC) was the target of a significant decline in short interest during the month of March. As of March 31st, there was short interest totaling 10,142,095 shares, a decline of 17.5% from the March 15th total of 12,291,427 shares. Based on an average daily volume of 5,222,693 shares, the short-interest ratio is currently 1.9 days. Approximately 4.2% of the shares of the company are sold short.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC traded up $1.10 during trading on Friday, reaching $54.37. 3,699,109 shares of the stock traded hands, compared to its average volume of 5,744,111. McCormick & Company, Incorporated has a 52-week low of $47.52 and a 52-week 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 50-day moving average of $59.99 and a 200-day moving average of $64.00. The stock has a market capitalization of $14.61 billion, a P/E ratio of 8.91, a price-to-earnings-growth ratio of 2.61 and a beta of 0.71.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Monday, April 20th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, April 20th. McCormick & Company, Incorporated’s payout ratio is presently 31.48%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MKC. HSBC cut their price objective on McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, March 26th. BNP Paribas Exane cut their price objective on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Stifel Nicolaus cut their price objective on McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, April 1st. BTIG Research initiated coverage on McCormick & Company, Incorporated in a research report on Tuesday. They issued a “neutral” rating on the stock. Finally, Zacks Research raised McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 7th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, McCormick & Company, Incorporated has a consensus rating of “Hold” and an average price target of $64.27.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Jacques Tapiero sold 5,000 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $67.09, for a total value of $335,450.00. Following the transaction, the director owned 31,596 shares of the company’s stock, valued at approximately $2,119,775.64. The trade was a 13.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gavin Hattersley acquired 2,000 shares of the business’s stock in a transaction on Friday, April 10th. The stock was acquired at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the transaction, the director owned 2,906 shares of the company’s stock, valued at approximately $153,959.88. The trade was a 220.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 65,000 shares of company stock worth $4,575,800 in the last ninety days. Company insiders own 10.60% of the company’s stock.

Institutional Trading of McCormick & Company, Incorporated

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heartwood Wealth Advisors LLC bought a new stake in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $28,000. GoalVest Advisory LLC bought a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $28,000. Deseret Mutual Benefit Administrators raised its stake in shares of McCormick & Company, Incorporated by 67.8% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock valued at $28,000 after purchasing an additional 164 shares during the period. Motiv8 Investments LLC bought a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $28,000. Finally, Zions Bancorporation National Association UT raised its stake in shares of McCormick & Company, Incorporated by 340.0% during the 4th quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock valued at $31,000 after purchasing an additional 357 shares during the period. 79.74% of the stock is currently owned by institutional investors.

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.