State Treasurer State of Michigan lowered its stake in MCCORMICK & CO /SH NV (NYSE:MKC) by 65.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,368 shares of the company’s stock after selling 68,500 shares during the period. State Treasurer State of Michigan’s holdings in MCCORMICK & CO /SH were worth $5,327,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc boosted its holdings in MCCORMICK & CO /SH by 0.6% in the third quarter. Vanguard Group Inc now owns 13,463,310 shares of the company’s stock valued at $1,773,790,000 after acquiring an additional 79,040 shares in the last quarter. BlackRock Inc. boosted its holdings in MCCORMICK & CO /SH by 9.9% in the fourth quarter. BlackRock Inc. now owns 10,463,337 shares of the company’s stock valued at $1,456,918,000 after acquiring an additional 943,361 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of MCCORMICK & CO /SH by 38,047.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,051,488 shares of the company’s stock valued at $36,000 after buying an additional 5,038,246 shares in the last quarter. Fundsmith LLP bought a new stake in shares of MCCORMICK & CO /SH during the 4th quarter valued at $348,961,000. Finally, Geode Capital Management LLC boosted its holdings in shares of MCCORMICK & CO /SH by 15.9% during the 4th quarter. Geode Capital Management LLC now owns 1,800,426 shares of the company’s stock valued at $250,306,000 after buying an additional 247,249 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
A number of analysts have recently commented on the stock. Zacks Investment Research upgraded shares of MCCORMICK & CO /SH from a “hold” rating to a “buy” rating and set a $169.00 target price on the stock in a report on Tuesday, April 2nd. Jefferies Financial Group restated a “buy” rating and set a $150.00 target price on shares of MCCORMICK & CO /SH in a report on Tuesday, March 26th. Consumer Edge upgraded shares of MCCORMICK & CO /SH from an “equal weight” rating to an “overweight” rating in a report on Friday, January 25th. Finally, Deutsche Bank upgraded shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a report on Friday, January 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $132.57.
In related news, major shareholder Alan D. Wilson sold 90,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $140.00, for a total value of $12,600,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Christina M. Mcmullen sold 2,000 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $154.00, for a total transaction of $308,000.00. Following the completion of the transaction, the vice president now owns 3,211 shares in the company, valued at approximately $494,494. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,600 shares of company stock worth $28,628,076. 11.00% of the stock is currently owned by company insiders.
Shares of MKC stock traded up $0.76 during mid-day trading on Friday, reaching $156.60. 5,634 shares of the company’s stock traded hands, compared to its average volume of 744,720. MCCORMICK & CO /SH NV has a 12 month low of $99.53 and a 12 month high of $157.00. The stock has a market cap of $20.46 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 3.68 and a beta of 0.26. The company has a current ratio of 0.78, a quick ratio of 0.34 and a debt-to-equity ratio of 1.21.
MCCORMICK & CO /SH (NYSE:MKC) last announced its earnings results on Tuesday, March 26th. The company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.06. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. MCCORMICK & CO /SH had a net margin of 12.19% and a return on equity of 21.41%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.00 EPS. On average, sell-side analysts forecast that MCCORMICK & CO /SH NV will post 5.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Friday, April 5th. MCCORMICK & CO /SH’s payout ratio is 45.88%.
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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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