Carnegie Investment Counsel Decreases Stake in McCormick & Company, Incorporated (NYSE:MKC)

Carnegie Investment Counsel lowered its position in McCormick & Company, Incorporated (NYSE:MKC) by 1.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 101,167 shares of the company’s stock after selling 1,518 shares during the quarter. Carnegie Investment Counsel’s holdings in McCormick & Company, Incorporated were worth $7,713,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MKC. State Street Corp grew its holdings in shares of McCormick & Company, Incorporated by 7.8% during the third quarter. State Street Corp now owns 15,315,905 shares of the company’s stock worth $1,260,499,000 after purchasing an additional 1,114,706 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of McCormick & Company, Incorporated by 97,525.5% during the second 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 during the period. Marshall Wace LLP purchased a new position in shares of McCormick & Company, Incorporated during the second quarter valued at approximately $51,286,000. Benjamin Edwards Inc. grew its stake in McCormick & Company, Incorporated by 2,778.8% in the third quarter. Benjamin Edwards Inc. now owns 456,920 shares of the company’s stock worth $37,606,000 after purchasing an additional 441,048 shares during the period. Finally, Millennium Management LLC grew its stake in McCormick & Company, Incorporated by 111.2% in the second quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after purchasing an additional 386,320 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insiders Place Their Bets

In related news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.00, for a total value of $395,000.00. Following the sale, the director now owns 40,436 shares of the company’s stock, valued at approximately $3,194,444. This represents a 11.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 20,000 shares of company stock worth $1,565,850. Company insiders own 22.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $91.00 in a report on Monday, December 9th. Stifel Nicolaus raised their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price target on McCormick & Company, Incorporated from $68.00 to $66.00 and set an “underweight” rating on the stock in a report on Wednesday. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their price target for the company from $86.00 to $90.00 in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.63.

McCormick & Company, Incorporated Stock Up 2.6 %

MKC opened at $73.65 on Friday. The business’s 50-day simple moving average is $76.96 and its 200-day simple moving average is $77.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71. McCormick & Company, Incorporated has a one year low of $63.88 and a one year high of $85.49. The stock has a market capitalization of $19.76 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 3.07 and a beta of 0.75.

McCormick & Company, Incorporated Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.45 per share. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, December 30th. This represents a $1.80 annualized dividend and a yield of 2.44%. McCormick & Company, Incorporated’s payout ratio is presently 61.22%.

About McCormick & Company, Incorporated

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.