Cadence Capital Management LLC Acquires Shares of 3,495 McCormick & Company, Incorporated (MKC)

Cadence Capital Management LLC acquired a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,495 shares of the company’s stock, valued at approximately $359,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in McCormick & Company, Incorporated by 83.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 118,677 shares of the company’s stock worth $11,573,000 after purchasing an additional 54,140 shares during the period. Rothschild Asset Management Inc. increased its stake in McCormick & Company, Incorporated by 9.1% in the 2nd quarter. Rothschild Asset Management Inc. now owns 6,279 shares of the company’s stock worth $612,000 after purchasing an additional 523 shares during the period. Sei Investments Co. increased its stake in McCormick & Company, Incorporated by 9.7% in the 2nd quarter. Sei Investments Co. now owns 76,266 shares of the company’s stock worth $7,437,000 after purchasing an additional 6,751 shares during the period. IFP Advisors Inc increased its stake in McCormick & Company, Incorporated by 28.4% in the 2nd quarter. IFP Advisors Inc now owns 1,784 shares of the company’s stock worth $174,000 after purchasing an additional 395 shares during the period. Finally, Tdam USA Inc. increased its stake in McCormick & Company, Incorporated by 1.1% in the 2nd quarter. Tdam USA Inc. now owns 9,259 shares of the company’s stock worth $883,000 after purchasing an additional 100 shares during the period. 76.25% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated (MKC) traded up $0.04 during midday trading on Thursday, hitting $103.00. The company had a trading volume of 696,400 shares, compared to its average volume of 889,996. The company has a quick ratio of 0.47, a current ratio of 0.95 and a debt-to-equity ratio of 1.86. McCormick & Company, Incorporated has a one year low of $89.65 and a one year high of $106.50. The company has a market capitalization of $13,487.45, a price-to-earnings ratio of 25.93, a PEG ratio of 2.34 and a beta of 0.53.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, September 28th. The company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.07. McCormick & Company, Incorporated had a return on equity of 26.09% and a net margin of 10.05%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $1.03 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. research analysts predict that McCormick & Company, Incorporated will post 4.22 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, December 28th. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a dividend yield of 2.02%. McCormick & Company, Incorporated’s payout ratio is currently 51.93%.

In related news, VP Michael R. Smith sold 5,500 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $102.60, for a total transaction of $564,300.00. Following the sale, the vice president now directly owns 19,248 shares in the company, valued at $1,974,844.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maritza Gomez Montiel sold 2,500 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $96.26, for a total value of $240,650.00. The disclosure for this sale can be found here. Insiders have sold 16,000 shares of company stock worth $1,598,490 over the last 90 days. 15.30% of the stock is currently owned by corporate insiders.

A number of equities analysts have commented on the company. Zacks Investment Research cut McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Jefferies Group set a $115.00 price target on McCormick & Company, Incorporated and gave the stock a “buy” rating in a research note on Saturday, October 7th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $103.00 price target (up from $95.00) on shares of McCormick & Company, Incorporated in a research note on Monday, October 2nd. Citigroup lifted their price target on McCormick & Company, Incorporated from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, October 2nd. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $115.00 price target (up from $112.00) on shares of McCormick & Company, Incorporated in a research note on Friday, September 29th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. McCormick & Company, Incorporated currently has an average rating of “Hold” and an average price target of $106.67.

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McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

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

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