Zacks Investment Management Acquires 46,560 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Zacks Investment Management lifted its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC) by 1,703.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 49,294 shares of the company’s stock after purchasing an additional 46,560 shares during the period. Zacks Investment Management’s holdings in McCormick & Company, Incorporated were worth $3,758,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in McCormick & Company, Incorporated by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 31,737,310 shares of the company’s stock worth $2,419,653,000 after buying an additional 303,973 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of McCormick & Company, Incorporated by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,024,666 shares of the company’s stock worth $458,114,000 after acquiring an additional 137,679 shares during the last quarter. Norges Bank acquired a new position in shares of McCormick & Company, Incorporated during the fourth quarter worth approximately $223,202,000. Invesco Ltd. grew its stake in shares of McCormick & Company, Incorporated by 17.6% during the fourth quarter. Invesco Ltd. now owns 2,641,812 shares of the company’s stock valued at $201,412,000 after purchasing an additional 396,214 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of McCormick & Company, Incorporated by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,509,463 shares of the company’s stock valued at $115,081,000 after purchasing an additional 46,411 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Price Performance

Shares of MKC opened at $75.29 on Friday. The stock has a market cap of $20.19 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 3.76 and a beta of 0.75. McCormick & Company, Incorporated has a 1 year low of $66.88 and a 1 year high of $86.24. The stock’s 50-day moving average price is $79.37 and its two-hundred day moving average price is $78.15. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share 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 firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the business earned $0.63 EPS. The firm’s revenue was up .2% compared to the same quarter last year. On average, equities 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 declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Monday, April 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.86%.

Insider Buying and Selling

In related news, Director Margaret M. V. Preston sold 28,092 shares of the 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 sale, the director now directly owns 6,177 shares of the company’s stock, valued at approximately $475,814.31. This represents a 81.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gregory Repas sold 2,750 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the sale, the vice president now owns 2,266 shares in the company, valued at $184,497.72. This trade represents a 54.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,842 shares of company stock valued at $6,478,332. 23.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays decreased their price objective on McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. JPMorgan Chase & Co. lifted their price objective on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a research report on Friday, January 24th. Argus cut McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Finally, TD Cowen raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and raised their target price for the company from $86.00 to $90.00 in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.14.

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.