Rockland Trust Co. Reduces Stake in McCormick & Company, Incorporated (NYSE:MKC)

Rockland Trust Co. reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 4.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,317 shares of the company’s stock after selling 1,403 shares during the period. Rockland Trust Co.’s holdings in McCormick & Company, Incorporated were worth $2,559,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Anchor Investment Management LLC purchased a new stake in McCormick & Company, Incorporated in the fourth quarter worth $36,000. VisionPoint Advisory Group LLC purchased a new stake in McCormick & Company, Incorporated in the 4th quarter worth about $44,000. Valley National Advisers Inc. raised its stake in McCormick & Company, Incorporated by 283.9% in the 4th quarter. Valley National Advisers Inc. now owns 787 shares of the company’s stock valued at $53,000 after acquiring an additional 582 shares during the period. Private Trust Co. NA raised its stake in McCormick & Company, Incorporated by 59.1% in the 4th quarter. Private Trust Co. NA now owns 781 shares of the company’s stock valued at $53,000 after acquiring an additional 290 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in McCormick & Company, Incorporated by 72.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,093 shares of the company’s stock valued at $75,000 after purchasing an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

NYSE:MKC traded up $0.12 during trading hours on Friday, hitting $68.68. 2,282,044 shares of the company’s stock traded hands, compared to its average volume of 1,733,826. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $94.39. The business’s fifty day simple moving average is $72.50 and its two-hundred day simple moving average is $70.08. The company has a quick ratio of 0.30, a current ratio of 0.68 and a debt-to-equity ratio of 0.63. The firm has a market cap of $18.43 billion, a P/E ratio of 26.21, a P/E/G ratio of 3.58 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. On average, research analysts anticipate that McCormick & Company, Incorporated will post 2.84 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MKC shares. Stifel Nicolaus boosted their price target on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 27th. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Barclays lifted their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, March 28th. Finally, Argus upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated has an average rating of “Hold” and a consensus price target of $78.00.

Insider Activity

In related news, Director Lawrence Erik Kurzius sold 80,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,695,277.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now owns 199,258 shares in the company, valued at approximately $14,695,277.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Katherine Jenkins sold 1,726 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,458 shares of company stock worth $8,286,114. 22.90% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.