Beck Mack & Oliver LLC Buys 4,850 Shares of McCormick & Co. (MKC)
Beck Mack & Oliver LLC boosted its stake in shares of McCormick & Co. (NYSE:MKC) by 225.4% during the second quarter, Holdings Channel reports. The institutional investor owned 7,002 shares of the company’s stock after buying an additional 4,850 shares during the period. Beck Mack & Oliver LLC’s holdings in McCormick & Co. were worth $747,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC raised its stake in shares of 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 in the last quarter. Citizens Financial Group Inc RI raised its stake in shares of McCormick & Co. by 1.9% in the first quarter. Citizens Financial Group Inc RI now owns 2,719 shares of the company’s stock valued at $270,000 after buying an additional 50 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of McCormick & Co. by 4.1% in the first quarter. Geode Capital Management LLC now owns 1,031,059 shares of the company’s stock valued at $102,379,000 after buying an additional 40,441 shares in the last quarter. AXA raised its stake in shares of McCormick & Co. by 20.1% in the first quarter. AXA now owns 97,400 shares of the company’s stock valued at $9,689,000 after buying an additional 16,300 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of McCormick & Co. during the first quarter valued at $3,222,000. 72.46% of the stock is owned by hedge funds and other institutional investors.
Shares of McCormick & Co. (NYSE:MKC) traded down 0.11% during trading on Monday, hitting $94.34. The stock had a trading volume of 140,831 shares. McCormick & Co. has a one year low of $78.45 and a one year high of $107.84. The stock’s 50-day moving average price is $97.70 and its 200 day moving average price is $99.18. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of 26.05 and a beta of 0.47.
McCormick & Co. (NYSE:MKC) last released its quarterly 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. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company earned $1.09 billion during the quarter. During the same quarter last year, the company earned $0.85 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts forecast that McCormick & Co. will post $3.79 EPS for the current 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 issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Thursday, October 6th. McCormick & Co.’s dividend payout ratio (DPR) is 47.51%.
Several brokerages recently weighed in on MKC. Zacks Investment Research raised McCormick & Co. from a “hold” rating to a “buy” rating and set a $119.00 price objective for the company in a report on Friday, July 8th. Citigroup Inc. reissued a “neutral” rating on shares of McCormick & Co. in a report on Tuesday, July 5th. Deutsche Bank AG upped their target price on McCormick & Co. from $110.00 to $113.00 and gave the company a “buy” rating in a report on Saturday, July 2nd. Finally, Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and lowered their target price 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 research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. McCormick & Co. currently has a consensus rating of “Hold” and a consensus price target of $98.99.
In related 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 completion of the sale, the director now owns 38,442 shares in the company, valued at $3,619,314.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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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