McCormick & Company, Incorporated (NYSE:MKC) Position Increased by Portside Wealth Group LLC

Portside Wealth Group LLC increased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 4.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 7,755 shares of the company’s stock after acquiring an additional 331 shares during the period. Portside Wealth Group LLC’s holdings in McCormick & Company, Incorporated were worth $591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the stock. Curio Wealth LLC acquired a new position in McCormick & Company, Incorporated during the 4th quarter worth $30,000. Twin Tree Management LP purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter valued at $33,000. Ameriflex Group Inc. acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $33,000. Lee Danner & Bass Inc. acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $37,000. Finally, Parvin Asset Management LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth about $38,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Katherine Jenkins sold 7,642 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $76.38, for a total transaction of $583,695.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lawrence Erik Kurzius sold 50,000 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $81.81, for a total value of $4,090,500.00. Following the sale, the director now directly owns 247,437 shares of the company’s stock, valued at $20,242,820.97. This represents a 16.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,392 shares of company stock valued at $4,898,101. Insiders own 23.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Argus downgraded McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus price target of $83.14.

McCormick & Company, Incorporated Stock Down 0.1%

MKC stock opened at $73.24 on Thursday. The company has a market cap of $19.64 billion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 3.76 and a beta of 0.74. McCormick & Company, Incorporated has a twelve month low of $66.88 and a twelve month high of $86.24. The business’s 50-day simple moving average is $75.05 and its 200 day simple moving average is $77.09. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.61 billion. McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The firm’s revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 earnings per share. On average, research analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.46%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.86%.

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.