Weather Gauge Advisory LLC lowered its stake in MCCORMICK & CO /SH NV (NYSE:MKC) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,223 shares of the company’s stock after selling 2,350 shares during the period. MCCORMICK & CO /SH makes up approximately 4.1% of Weather Gauge Advisory LLC’s investment portfolio, making the stock its 5th biggest position. Weather Gauge Advisory LLC’s holdings in MCCORMICK & CO /SH were worth $3,449,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of MKC. Norges Bank acquired a new stake in MCCORMICK & CO /SH in the fourth quarter valued at approximately $168,682,000. Capital Research Global Investors increased its position in shares of MCCORMICK & CO /SH by 140.6% during the first quarter. Capital Research Global Investors now owns 906,236 shares of the company’s stock worth $127,970,000 after acquiring an additional 529,510 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of MCCORMICK & CO /SH by 1,177.9% in the first quarter. APG Asset Management N.V. now owns 229,700 shares of the company’s stock worth $30,814,000 after acquiring an additional 211,725 shares in the last quarter. Two Sigma Advisers LP purchased a new position in MCCORMICK & CO /SH in the first quarter valued at about $28,341,000. Finally, Bartlett & Co. LLC acquired a new stake in MCCORMICK & CO /SH during the 1st quarter valued at approximately $26,589,000. 75.87% of the stock is currently owned by institutional investors.
In other MCCORMICK & CO /SH news, Director Margaret M. V. Preston sold 8,408 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $181.80, for a total value of $1,528,574.40. Following the completion of the transaction, the director now owns 33,135 shares in the company, valued at approximately $6,023,943. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael R. Smith sold 8,400 shares of MCCORMICK & CO /SH stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $180.10, for a total value of $1,512,840.00. Following the sale, the chief financial officer now directly owns 37,977 shares in the company, valued at approximately $6,839,657.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,408 shares of company stock valued at $9,490,479. 12.70% of the stock is owned by company insiders.
MCCORMICK & CO /SH (NYSE:MKC) last issued its earnings results on Thursday, June 25th. The company reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.31. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.37 billion. MCCORMICK & CO /SH had a return on equity of 21.34% and a net margin of 13.74%. MCCORMICK & CO /SH’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 earnings per share. On average, analysts predict that MCCORMICK & CO /SH NV will post 5.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Monday, July 6th will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, July 2nd. This represents a $2.48 dividend on an annualized basis and a yield of 1.31%. MCCORMICK & CO /SH’s dividend payout ratio is currently 46.36%.
Several equities analysts have recently commented on the company. Bank of America cut MCCORMICK & CO /SH from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $175.00 to $140.00 in a research note on Thursday, March 19th. Jefferies Financial Group upgraded shares of MCCORMICK & CO /SH from an “underperform” rating to a “hold” rating and set a $167.00 price objective on the stock in a research note on Monday, June 22nd. UBS Group upgraded shares of MCCORMICK & CO /SH to a “buy” rating and set a $160.00 target price on the stock in a research note on Friday, May 15th. Credit Suisse Group upgraded MCCORMICK & CO /SH from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $147.00 to $187.00 in a research note on Thursday, May 14th. Finally, Stifel Nicolaus cut their price objective on MCCORMICK & CO /SH from $155.00 to $130.00 and set a “hold” rating on the stock in a research note on Wednesday, April 1st. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $154.90.
MCCORMICK & CO /SH Company Profile
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.
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