Trillium Asset Management LLC Cuts Stake in McCormick & Company, Incorporated $MKC

Trillium Asset Management LLC lowered its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 14.7% in the fourth quarter, Holdings Channel reports. The firm owned 426,212 shares of the company’s stock after selling 73,548 shares during the period. McCormick & Company, Incorporated accounts for about 0.9% of Trillium Asset Management LLC’s investment portfolio, making the stock its 29th largest position. Trillium Asset Management LLC’s holdings in McCormick & Company, Incorporated were worth $29,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MKC. Invesco Ltd. increased its stake in shares of McCormick & Company, Incorporated by 66.7% during the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company’s stock worth $417,006,000 after purchasing an additional 2,494,544 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of McCormick & Company, Incorporated by 67.2% during the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company’s stock worth $187,183,000 after purchasing an additional 1,124,003 shares in the last quarter. Norges Bank purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth about $62,711,000. State Street Corp increased its stake in shares of McCormick & Company, Incorporated by 5.1% during the third quarter. State Street Corp now owns 15,522,816 shares of the company’s stock worth $1,038,632,000 after purchasing an additional 747,844 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of McCormick & Company, Incorporated during the third quarter worth about $48,576,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley purchased 2,000 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was acquired at an average price of $52.98 per share, with a total value of $105,960.00. Following the purchase, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. This represents a 220.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 10.60% of the stock is currently owned by company insiders.

McCormick & Company, Incorporated Stock Down 0.6%

Shares of NYSE MKC opened at $48.95 on Friday. McCormick & Company, Incorporated has a 12-month low of $44.82 and a 12-month high of $78.16. The stock has a market cap of $13.15 billion, a PE ratio of 8.02, a P/E/G ratio of 2.43 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $49.22 and a 200 day moving average of $59.27.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the prior year, the company earned $0.60 EPS. McCormick & Company, Incorporated’s revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 27th. Shareholders of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.9%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated’s payout ratio is presently 31.48%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MKC. JPMorgan Chase & Co. cut their target price on shares of McCormick & Company, Incorporated from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday. Jefferies Financial Group dropped their price objective on shares of McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, June 4th. HSBC dropped their price objective on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. Zacks Research raised shares of McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Stifel Nicolaus dropped their price objective on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of “Hold” and a consensus target price of $63.27.

McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.