Providence Wealth Advisors LLC Takes $337,000 Position in McCormick & Company, Incorporated (NYSE:MKC)

Providence Wealth Advisors LLC purchased a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC) during the first quarter, Holdings Channel reports. The institutional investor purchased 4,100 shares of the company’s stock, valued at approximately $337,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Savvy Advisors Inc. purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at $466,000. IFM Investors Pty Ltd grew its holdings in shares of McCormick & Company, Incorporated by 13.3% during the first quarter. IFM Investors Pty Ltd now owns 49,712 shares of the company’s stock valued at $4,091,000 after buying an additional 5,829 shares in the last quarter. Sowell Financial Services LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter valued at $260,000. Somerville Kurt F grew its holdings in shares of McCormick & Company, Incorporated by 34.2% during the fourth quarter. Somerville Kurt F now owns 96,074 shares of the company’s stock valued at $7,325,000 after buying an additional 24,467 shares in the last quarter. Finally, Dempze Nancy E grew its holdings in shares of McCormick & Company, Incorporated by 28.4% during the fourth quarter. Dempze Nancy E now owns 26,337 shares of the company’s stock valued at $2,008,000 after buying an additional 5,833 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $76.38, for a total value of $583,695.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 23.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MKC has been the topic of a number of recent research reports. UBS Group initiated coverage on McCormick & Company, Incorporated in a research note on Monday, June 16th. They issued a “neutral” rating and a $83.00 target price on the stock. Wall Street Zen upgraded McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Citigroup lowered their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, McCormick & Company, Incorporated presently has an average rating of “Hold” and a consensus target price of $84.13.

McCormick & Company, Incorporated Price Performance

Shares of NYSE:MKC opened at $71.62 on Friday. McCormick & Company, Incorporated has a fifty-two week low of $69.98 and a fifty-two week high of $86.24. The business has a 50-day moving average of $73.37 and a two-hundred day moving average of $76.03. The stock has a market capitalization of $19.22 billion, a P/E ratio of 24.87, a P/E/G ratio of 3.44 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were given a $0.45 dividend. The ex-dividend date was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.51%. McCormick & Company, Incorporated’s dividend payout ratio is currently 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.