Trillium Asset Management LLC Acquires Shares of 16,261 McCormick & Co. (MKC)
Trillium Asset Management LLC bought a new position in shares of McCormick & Co. (NYSE:MKC) during the second quarter, Holdings Channel reports. The institutional investor bought 16,261 shares of the company’s stock, valued at approximately $1,735,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its position in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in McCormick & Co. during the second quarter worth $207,000. Sigma Planning Corp purchased a new position in McCormick & Co. during the second quarter worth $211,000. Community Trust & Investment Co. purchased a new position in McCormick & Co. during the second quarter worth $213,000. Finally, Train Babcock Advisors LLC purchased a new position in McCormick & Co. during the second quarter worth $213,000. 72.48% of the stock is currently owned by institutional investors.
McCormick & Co. (NYSE:MKC) traded up 0.35% during trading on Friday, reaching $95.56. The company’s stock had a trading volume of 1,100,113 shares. McCormick & Co. has a one year low of $78.45 and a one year high of $107.84. The firm has a market capitalization of $12.05 billion, a P/E ratio of 26.38 and a beta of 0.47. The stock has a 50-day moving average of $98.77 and a 200 day moving average of $99.25.
McCormick & Co. (NYSE:MKC) last issued its quarterly earnings results on Friday, September 30th. The company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.09. McCormick & Co. had a return on equity of 27.26% and a net margin of 10.58%. The company earned $1.09 billion during the quarter. During the same period in the prior year, the firm posted $0.85 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 dividend on an annualized basis and a yield of 1.80%. McCormick & Co.’s dividend payout ratio is currently 47.51%.
A number of research analysts have weighed in on MKC shares. Deutsche Bank AG reduced their price target on McCormick & Co. from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, September 23rd. Zacks Investment Research upgraded McCormick & Co. from a “hold” rating to a “buy” rating and set a $109.00 price target for the company in a research report on Thursday, September 15th. Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $113.00 to $104.00 in a research report on Friday, September 16th. They noted that the move was a valuation call. Finally, Citigroup Inc. restated a “neutral” rating on shares of McCormick & Co. in a research report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $97.11.
In other McCormick & Co. news, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of McCormick & Co. stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $105.17, for a total transaction of $4,091,113.00. Following the completion of the sale, the chief financial officer now owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 13.70% of the company’s stock.
About McCormick & Co.
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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