Beacon Harbor Wealth Advisors Inc. Increases Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Beacon Harbor Wealth Advisors Inc. increased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,900 shares of the company’s stock after buying an additional 5,086 shares during the quarter. Beacon Harbor Wealth Advisors Inc.’s holdings in McCormick & Company, Incorporated were worth $1,772,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MKC. Legacy Financial Group LLC purchased a new position in McCormick & Company, Incorporated during the third quarter worth approximately $29,000. Anchor Investment Management LLC purchased a new position in McCormick & Company, Incorporated during the fourth quarter worth approximately $36,000. Milestone Investment Advisors LLC purchased a new position in McCormick & Company, Incorporated during the third quarter worth approximately $47,000. Valley National Advisers Inc. lifted its position in McCormick & Company, Incorporated by 283.9% during the fourth quarter. Valley National Advisers Inc. now owns 787 shares of the company’s stock worth $53,000 after buying an additional 582 shares in the last quarter. Finally, Private Trust Co. NA raised its position in McCormick & Company, Incorporated by 59.1% in the fourth quarter. Private Trust Co. NA now owns 781 shares of the company’s stock valued at $53,000 after purchasing an additional 290 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Up 1.5 %

Shares of NYSE:MKC traded up $1.11 on Thursday, hitting $75.66. 534,591 shares of the company’s stock were exchanged, compared to its average volume of 2,035,551. The firm’s 50-day moving average is $72.11 and its 200 day moving average is $68.18. The company has a market capitalization of $20.31 billion, a PE ratio of 28.63, a P/E/G ratio of 3.90 and a beta of 0.73. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $94.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the prior year, the firm posted $0.59 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is currently 64.12%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MKC. JPMorgan Chase & Co. reduced their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research report on Friday, January 26th. Citigroup lifted their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research report on Wednesday, March 27th. Stifel Nicolaus lifted their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 27th. Consumer Edge downgraded McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. Finally, Argus upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $77.88.

Insider Activity

In other news, insider Katherine Jenkins sold 1,726 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the sale, the director now directly owns 39,181 shares of the company’s stock, valued at approximately $2,554,601.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Katherine Jenkins sold 1,726 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The disclosure for this sale can be found here. In the last three months, insiders sold 33,726 shares of company stock valued at $2,504,728. Insiders own 22.90% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.