Camden National Bank Cuts Position in McCormick & Company, Incorporated (NYSE:MKC)

Camden National Bank lessened its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 4.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 114,588 shares of the company’s stock after selling 4,885 shares during the quarter. Camden National Bank’s holdings in McCormick & Company, Incorporated were worth $9,431,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MKC. Point72 Asset Management L.P. grew its holdings in McCormick & Company, Incorporated by 97,525.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock valued at $69,256,000 after buying an additional 975,255 shares in the last quarter. Marshall Wace LLP purchased a new position in McCormick & Company, Incorporated during the 2nd quarter valued at approximately $51,286,000. Millennium Management LLC grew its holdings in McCormick & Company, Incorporated by 111.2% during the 2nd quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock valued at $52,041,000 after buying an additional 386,320 shares in the last quarter. Covea Finance purchased a new position in McCormick & Company, Incorporated during the 3rd quarter valued at approximately $31,740,000. Finally, E. Ohman J or Asset Management AB boosted its holdings in shares of McCormick & Company, Incorporated by 3,499.8% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 334,777 shares of the company’s stock worth $27,552,000 after purchasing an additional 325,477 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Wall Street Analysts Forecast Growth

MKC has been the subject of a number of recent research reports. TD Cowen lifted their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Bank of America lifted their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.57.

McCormick & Company, Incorporated Price Performance

MKC opened at $77.58 on Friday. The business has a fifty day moving average of $79.62 and a 200 day moving average of $76.25. McCormick & Company, Incorporated has a 52-week low of $63.67 and a 52-week high of $85.49. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The stock has a market cap of $20.82 billion, a P/E ratio of 26.39, a PEG ratio of 3.56 and a beta of 0.77.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the business earned $0.65 EPS. McCormick & Company, Incorporated’s revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.92 EPS for the current year.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, December 30th. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a yield of 2.32%. McCormick & Company, Incorporated’s payout ratio is 57.14%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction on Friday, November 1st. The stock was sold at an average price of $78.50, for a total transaction of $392,500.00. Following the completion of the sale, the director now directly owns 40,436 shares of the company’s stock, valued at $3,174,226. The trade was a 11.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 20,000 shares of company stock valued at $1,565,850 in the last ninety days. Corporate insiders own 22.90% of the company’s stock.

About McCormick & Company, Incorporated

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.