McCormick & Company, Incorporated (NYSE:MKC) Stock Position Lowered by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC trimmed its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 29.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,922 shares of the company’s stock after selling 3,720 shares during the period. CIBC Private Wealth Group LLC’s holdings in McCormick & Company, Incorporated were worth $665,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of McCormick & Company, Incorporated by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 31,737,310 shares of the company’s stock valued at $2,419,653,000 after buying an additional 303,973 shares in the last quarter. State Street Corp boosted its position in McCormick & Company, Incorporated by 7.8% during the 3rd quarter. State Street Corp now owns 15,315,905 shares of the company’s stock worth $1,260,499,000 after acquiring an additional 1,114,706 shares during the period. Geode Capital Management LLC increased its holdings in shares of McCormick & Company, Incorporated by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 5,886,987 shares of the company’s stock valued at $482,823,000 after purchasing an additional 54,018 shares during the period. Norges Bank purchased a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth approximately $223,202,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of McCormick & Company, Incorporated by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,509,463 shares of the company’s stock worth $115,081,000 after purchasing an additional 46,411 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MKC has been the topic of several research reports. Barclays dropped their price objective on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. JPMorgan Chase & Co. increased their price objective on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a report on Friday, January 24th. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their target price for the company from $85.00 to $91.00 in a research note on Monday, December 9th. Argus downgraded McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Finally, TD Cowen upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their price target for the company from $86.00 to $90.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $83.14.

Insiders Place Their Bets

In other news, Director Lawrence Erik Kurzius sold 50,000 shares of McCormick & Company, Incorporated stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $81.81, for a total value of $4,090,500.00. Following the transaction, the director now directly owns 247,437 shares in the company, valued at approximately $20,242,820.97. The trade was a 16.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Gregory Repas sold 2,750 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $81.42, for a total value of $223,905.00. Following the sale, the vice president now owns 2,266 shares of the company’s stock, valued at approximately $184,497.72. The trade was a 54.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,842 shares of company stock valued at $6,478,332 in the last quarter. Insiders own 23.80% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC opened at $76.36 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.31 and a current ratio of 0.74. The firm has a market cap of $20.48 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 3.76 and a beta of 0.71. The business’s 50-day simple moving average is $79.91 and its 200-day simple moving average is $78.76. McCormick & Company, Incorporated has a 52 week low of $66.88 and a 52 week high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be issued a $0.45 dividend. The ex-dividend date is Monday, April 7th. This represents a $1.80 annualized dividend and a yield of 2.36%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.86%.

McCormick & Company, Incorporated Company Profile

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.