Centre Asset Management LLC Lowers Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Centre Asset Management LLC decreased its stake in McCormick & Company, Incorporated (NYSE:MKC) by 29.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,071 shares of the company’s stock after selling 44,311 shares during the quarter. McCormick & Company, Incorporated makes up 2.3% of Centre Asset Management LLC’s holdings, making the stock its 14th largest position. Centre Asset Management LLC’s holdings in McCormick & Company, Incorporated were worth $8,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of MKC. Norges Bank purchased a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth about $223,202,000. Select Equity Group L.P. purchased a new position in McCormick & Company, Incorporated during the fourth quarter worth approximately $104,863,000. Balyasny Asset Management L.P. grew its holdings in McCormick & Company, Incorporated by 47.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company’s stock valued at $216,771,000 after purchasing an additional 915,807 shares during the period. Northern Trust Corp grew its holdings in McCormick & Company, Incorporated by 16.8% in the fourth quarter. Northern Trust Corp now owns 3,693,239 shares of the company’s stock valued at $281,573,000 after purchasing an additional 531,060 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its holdings in McCormick & Company, Incorporated by 88.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company’s stock valued at $67,035,000 after purchasing an additional 412,074 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Analysts Set New Price Targets

Separately, Argus lowered McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of “Hold” and a consensus target price of $83.14.

McCormick & Company, Incorporated Stock Down 0.7%

Shares of MKC opened at $71.30 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68. McCormick & Company, Incorporated has a 12 month low of $66.88 and a 12 month high of $86.24. The stock’s 50 day moving average is $75.84 and its two-hundred day moving average is $77.18. The firm has a market cap of $19.12 billion, a P/E ratio of 24.34, a PEG ratio of 3.76 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly 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). The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. The business’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 earnings per share. Analysts predict 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 declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Monday, April 7th. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.86%.

Insider Transactions at McCormick & Company, Incorporated

In other news, VP Gregory Repas sold 2,750 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total value of $223,905.00. Following the sale, the vice president now directly owns 2,266 shares of the company’s stock, valued at $184,497.72. The trade was a 54.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lawrence Erik Kurzius sold 50,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 247,437 shares in the company, valued at $20,242,820.97. This represents a 16.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,392 shares of company stock valued at $4,898,101 over the last ninety days. Insiders own 23.80% of the company’s stock.

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.