Bridge Creek Capital Management LLC Sells 1,062 Shares of McCormick & Co. (MKC)
Bridge Creek Capital Management LLC cut its stake in McCormick & Co. (NYSE:MKC) by 3.8% during the second quarter, Holdings Channel reports. The firm owned 26,893 shares of the company’s stock after selling 1,062 shares during the period. McCormick & Co. accounts for approximately 1.7% of Bridge Creek Capital Management LLC’s holdings, making the stock its 29th largest position. Bridge Creek Capital Management LLC’s holdings in McCormick & Co. were worth $2,869,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MKC. Teachers Advisors Inc. raised its stake in McCormick & Co. by 7.5% in the first quarter. Teachers Advisors Inc. now owns 129,673 shares of the company’s stock valued at $12,900,000 after buying an additional 9,051 shares during the period. ING Groep NV bought a new stake in McCormick & Co. during the first quarter valued at approximately $263,000. Aviva PLC raised its stake in McCormick & Co. by 1.3% in the first quarter. Aviva PLC now owns 58,920 shares of the company’s stock valued at $5,861,000 after buying an additional 745 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake in McCormick & Co. by 47.1% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,057 shares of the company’s stock valued at $503,000 after buying an additional 1,620 shares during the period. Finally, Credit Agricole S A raised its stake in McCormick & Co. by 5.1% in the first quarter. Credit Agricole S A now owns 142,333 shares of the company’s stock valued at $14,159,000 after buying an additional 6,860 shares during the period. Hedge funds and other institutional investors own 72.46% of the company’s stock.
Shares of McCormick & Co. (NYSE:MKC) traded up 0.55% on Tuesday, hitting $94.85. The stock had a trading volume of 592,985 shares. McCormick & Co. has a 12 month low of $78.45 and a 12 month high of $107.84. The firm has a market cap of $11.96 billion, a P/E ratio of 26.19 and a beta of 0.47. The firm’s 50-day moving average price is $97.50 and its 200 day moving average price is $99.14.
McCormick & Co. (NYSE:MKC) last posted its earnings results on Friday, September 30th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.09. The company earned $1.09 billion during the quarter. McCormick & Co. had a net margin of 10.58% and a return on equity of 27.26%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 earnings per share. Analysts anticipate that McCormick & Co. will post $3.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors 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 1.81%. McCormick & Co.’s dividend payout ratio is presently 47.51%.
Several equities research analysts have recently commented on MKC shares. Zacks Investment Research lowered McCormick & Co. from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. Citigroup Inc. upgraded McCormick & Co. from a “sell” rating to a “neutral” rating and increased their price target for the stock from $85.00 to $102.00 in a research note on Thursday, June 23rd. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price target (up previously from $105.00) on shares of McCormick & Co. in a research note on Friday, June 24th. Finally, Sanford C. Bernstein lowered McCormick & Co. from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $113.00 to $104.00 in a research note on Friday, September 16th. They noted that the move was a valuation call. One 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’s stock. McCormick & Co. has an average rating of “Hold” and an average target price of $98.99.
In related news, Director Freeman A. Hrabowski III sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $94.15, for a total transaction of $188,300.00. Following the completion of the transaction, the director now directly owns 38,442 shares in the company, valued at $3,619,314.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 13.70% of the company’s stock.
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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