TIAA Trust National Association Reduces Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

TIAA Trust National Association cut its stake in McCormick & Company, Incorporated (NYSE:MKC) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,318 shares of the company’s stock after selling 191 shares during the period. TIAA Trust National Association’s holdings in McCormick & Company, Incorporated were worth $849,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MKC. Wellington Management Group LLP increased its holdings in McCormick & Company, Incorporated by 8.4% in the fourth quarter. Wellington Management Group LLP now owns 151,523 shares of the company’s stock valued at $11,552,000 after buying an additional 11,795 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $7,418,000. Envestnet Asset Management Inc. increased its stake in shares of McCormick & Company, Incorporated by 2.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 602,986 shares of the company’s stock worth $45,972,000 after purchasing an additional 11,563 shares in the last quarter. Peapack Gladstone Financial Corp increased its stake in shares of McCormick & Company, Incorporated by 0.5% during the 4th quarter. Peapack Gladstone Financial Corp now owns 77,218 shares of the company’s stock worth $5,887,000 after purchasing an additional 387 shares in the last quarter. Finally, Certior Financial Group LLC purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $239,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MKC. Citigroup dropped their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, June 17th. Wall Street Zen raised shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. Stifel Nicolaus dropped their price objective on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a “hold” rating for the company in a research note on Tuesday, July 29th. Finally, UBS Group initiated coverage on shares of McCormick & Company, Incorporated in a research note on Monday, June 16th. They set a “neutral” rating and a $83.00 price objective for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus price target of $83.00.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of McCormick & Company, Incorporated stock in a transaction on Monday, May 12th. The shares were sold at an average price of $76.38, for a total value of $583,695.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 23.80% of the stock is currently owned by company insiders.

McCormick & Company, Incorporated Stock Down 0.1%

MKC stock opened at $70.19 on Tuesday. The stock has a market capitalization of $18.84 billion, a P/E ratio of 24.37, a PEG ratio of 3.38 and a beta of 0.66. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. McCormick & Company, Incorporated has a one year low of $69.76 and a one year high of $86.24. The company has a 50 day moving average price of $73.22 and a two-hundred day moving average price of $76.00.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Thursday, June 26th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. McCormick & Company, Incorporated’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.69 EPS. As a group, sell-side analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 62.50%.

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.