Fifth Third Bancorp Sells 903 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Fifth Third Bancorp lessened its stake in McCormick & Company, Incorporated (NYSE:MKC) by 0.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,390 shares of the company’s stock after selling 903 shares during the period. Fifth Third Bancorp’s holdings in McCormick & Company, Incorporated were worth $8,540,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MKC. International Assets Investment Management LLC raised its position in shares of McCormick & Company, Incorporated by 7,344.4% during the 4th quarter. International Assets Investment Management LLC now owns 116,132 shares of the company’s stock valued at $7,946,000 after acquiring an additional 114,572 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $1,040,000. Strs Ohio raised its position in shares of McCormick & Company, Incorporated by 3.1% during the 4th quarter. Strs Ohio now owns 20,516 shares of the company’s stock valued at $1,403,000 after acquiring an additional 621 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of McCormick & Company, Incorporated by 24.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 25,913 shares of the company’s stock valued at $1,773,000 after acquiring an additional 5,101 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of McCormick & Company, Incorporated by 147.4% during the 4th quarter. Federated Hermes Inc. now owns 2,709 shares of the company’s stock valued at $185,000 after acquiring an additional 1,614 shares during the last quarter. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

Shares of MKC stock opened at $78.79 on Thursday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $83.58. The firm has a market capitalization of $21.17 billion, a price-to-earnings ratio of 28.76, a price-to-earnings-growth ratio of 4.02 and a beta of 0.75. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $73.31 and a 200-day moving average of $72.09.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. On average, equities research analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is presently 61.31%.

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 22.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen dropped their target price on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.25.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.