Public Employees Retirement Association of Colorado Sells 1,787 Shares of McCormick & Co. (MKC)
Public Employees Retirement Association of Colorado reduced its position in McCormick & Co. (NYSE:MKC) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,453 shares of the company’s stock after selling 1,787 shares during the period. Public Employees Retirement Association of Colorado’s holdings in McCormick & Co. were worth $8,582,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Meeder Asset Management Inc. increased its stake 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 during the period. Ferguson Wellman Capital Management Inc. purchased a new stake in McCormick & Co. during the second quarter worth $207,000. Sigma Planning Corp purchased a new stake in McCormick & Co. during the second quarter worth $211,000. Community Trust & Investment Co. purchased a new stake in McCormick & Co. during the second quarter worth $213,000. Finally, Train Babcock Advisors LLC purchased a new stake in McCormick & Co. during the second quarter worth $213,000. Institutional investors and hedge funds own 72.47% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded down 0.18% during midday trading on Friday, reaching $94.44. The company’s stock had a trading volume of 392,539 shares. The firm has a 50 day moving average price of $97.70 and a 200-day moving average price of $99.18. The firm has a market cap of $11.91 billion, a P/E ratio of 26.07 and a beta of 0.47. McCormick & Co. has a 52 week low of $78.45 and a 52 week high of $107.84.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.09. The company had revenue of $1.09 billion for the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 earnings per share. On average, analysts forecast that McCormick & Co. will post $3.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, October 11th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $1.72 annualized dividend and a yield of 1.82%. McCormick & Co.’s dividend payout ratio is currently 47.51%.
A number of research firms recently weighed in on MKC. Zacks Investment Research downgraded McCormick & Co. from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Deutsche Bank AG reissued a “hold” rating and set a $110.00 target price (up from $105.00) on shares of McCormick & Co. in a research report on Friday, June 24th. Citigroup Inc. reaffirmed a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th. Jefferies Group decreased their price objective on McCormick & Co. from $100.00 to $95.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Sanford C. Bernstein downgraded McCormick & Co. from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $113.00 to $104.00 in a report on Friday, September 16th. They noted that the move was a valuation call. 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 stock. The company presently has a consensus rating of “Hold” and an average price target of $98.99.
In other McCormick & Co. news, Director Freeman A. Hrabowski III sold 2,000 shares of the stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total value of $188,300.00. Following the transaction, the director now directly owns 38,442 shares of the company’s stock, valued at approximately $3,619,314.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.70% of the stock is currently owned by company 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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