Congress Asset Management Co. MA increased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 36.3% during the second quarter, Holdings Channel reports. The firm owned 13,341 shares of the company’s stock after buying an additional 3,552 shares during the period. Congress Asset Management Co. MA’s holdings in McCormick & Company, were worth $1,301,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. FNY Managed Accounts LLC bought a new position in shares of McCormick & Company, during the first quarter valued at $135,000. Harfst & Associates Inc. bought a new position in shares of McCormick & Company, during the first quarter valued at $139,000. Van ECK Associates Corp increased its position in shares of McCormick & Company, by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock valued at $165,000 after buying an additional 109 shares during the period. Pacer Advisors Inc. increased its position in shares of McCormick & Company, by 3.4% in the first quarter. Pacer Advisors Inc. now owns 1,995 shares of the company’s stock valued at $195,000 after buying an additional 66 shares during the period. Finally, Charter Trust Co. bought a new position in shares of McCormick & Company, during the first quarter valued at $202,000. Institutional investors own 73.73% of the company’s stock.
Shares of McCormick & Company, Incorporated (NYSE:MKC) opened at 95.52 on Monday. The company has a 50 day moving average price of $98.17 and a 200-day moving average price of $98.81. The stock has a market capitalization of $11.90 billion, a P/E ratio of 25.37 and a beta of 0.52. McCormick & Company, Incorporated has a 1-year low of $88.64 and a 1-year high of $106.50.
McCormick & Company, (NYSE:MKC) last posted its earnings results on Thursday, June 29th. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.76 by $0.06. McCormick & Company, had a return on equity of 28.28% and a net margin of 10.69%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the firm earned $0.75 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that McCormick & Company, Incorporated will post $4.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 10th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Thursday, July 6th. McCormick & Company,’s payout ratio is currently 49.87%.
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Several research analysts have weighed in on the company. Zacks Investment Research upgraded McCormick & Company, from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a research note on Thursday, June 1st. Jefferies Group LLC upgraded McCormick & Company, from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.00 to $110.00 in a research note on Friday. Credit Suisse Group set a $108.00 price target on McCormick & Company, and gave the company a “buy” rating in a research note on Saturday, July 1st. BidaskClub downgraded McCormick & Company, from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) began coverage on McCormick & Company, in a research note on Friday, June 16th. They issued a “neutral” rating and a $101.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $104.00.
In other news, Director Maritza Gomez Montiel purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $99.62 per share, with a total value of $249,050.00. Following the purchase, the director now owns 2,500 shares in the company, valued at approximately $249,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.30% of the company’s stock.
About McCormick & Company,
McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.
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