SL Advisors LLC Takes Position in McCormick & Co. (MKC)
SL Advisors LLC acquired a new stake in shares of McCormick & Co. (NYSE:MKC) during the second quarter, Holdings Channel reports. The fund acquired 8,568 shares of the company’s stock, valued at approximately $914,000.
Several other hedge funds also recently bought and sold shares of MKC. BlackRock Institutional Trust Company N.A. boosted its stake in McCormick & Co. by 15.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,882,526 shares of the company’s stock valued at $386,234,000 after buying an additional 515,435 shares during the period. BlackRock Group LTD boosted its stake in McCormick & Co. by 25.3% in the first quarter. BlackRock Group LTD now owns 1,484,525 shares of the company’s stock valued at $147,682,000 after buying an additional 300,079 shares during the period. BlackRock Fund Advisors boosted its stake in McCormick & Co. by 9.6% in the first quarter. BlackRock Fund Advisors now owns 2,860,375 shares of the company’s stock valued at $284,550,000 after buying an additional 250,153 shares during the period. Renaissance Technologies LLC boosted its stake in McCormick & Co. by 231.7% in the first quarter. Renaissance Technologies LLC now owns 232,200 shares of the company’s stock valued at $23,099,000 after buying an additional 162,200 shares during the period. Finally, Bank of Montreal Can bought a new stake in McCormick & Co. during the second quarter valued at $17,132,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.72% during midday trading on Friday, reaching $95.92. 541,927 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $98.93 and its 200-day moving average is $99.24. McCormick & Co. has a 12-month low of $78.45 and a 12-month high of $107.84. The stock has a market cap of $12.12 billion, a PE ratio of 26.48 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last released its earnings results on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.94 by $0.09. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The firm had revenue of $1.09 billion for the quarter. During the same period last year, the firm posted $0.85 EPS. McCormick & Co.’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts expect that McCormick & Co. will post $3.79 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, October 11th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio (DPR) is presently 47.51%.
MKC has been the topic of several research reports. Sanford C. Bernstein cut shares of McCormick & Co. from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Citigroup Inc. raised shares of McCormick & Co. from a “sell” rating to a “neutral” rating and increased their target price for the company from $85.00 to $102.00 in a report on Thursday, June 23rd. Deutsche Bank AG reduced their target price on shares of McCormick & Co. from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, September 23rd. Finally, Zacks Investment Research raised shares of McCormick & Co. from a “hold” rating to a “buy” rating and set a $113.00 target price on the stock in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. McCormick & Co. currently has an average rating of “Hold” and an average price target of $97.11.
In other news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the business’s stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the transaction, the chief financial officer now owns 94,012 shares of the company’s stock, valued at $9,887,242.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 13.70% of the stock is currently owned by insiders.
McCormick & Co. Company Profile
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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