AMI Asset Management Corp Cuts Holdings in McCormick & Company, Incorporated $MKC

AMI Asset Management Corp decreased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 329,247 shares of the company’s stock after selling 10,912 shares during the quarter. McCormick & Company, Incorporated makes up 1.3% of AMI Asset Management Corp’s investment portfolio, making the stock its 28th biggest holding. AMI Asset Management Corp owned approximately 0.12% of McCormick & Company, Incorporated worth $22,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of MKC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of McCormick & Company, Incorporated by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,678 shares of the company’s stock valued at $2,854,000 after acquiring an additional 925 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of McCormick & Company, Incorporated by 19.0% in the 1st quarter. Empowered Funds LLC now owns 5,903 shares of the company’s stock valued at $486,000 after acquiring an additional 941 shares during the last quarter. Woodline Partners LP increased its holdings in shares of McCormick & Company, Incorporated by 40.9% in the 1st quarter. Woodline Partners LP now owns 21,334 shares of the company’s stock valued at $1,756,000 after acquiring an additional 6,189 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of McCormick & Company, Incorporated in the 2nd quarter valued at about $6,520,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of McCormick & Company, Incorporated by 6.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 37,888 shares of the company’s stock valued at $2,873,000 after acquiring an additional 2,176 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insiders Place Their Bets

In related news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $67.92, for a total value of $339,600.00. Following the completion of the transaction, the director directly owned 43,029 shares of the company’s stock, valued at $2,922,529.68. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $71.63, for a total value of $3,581,500.00. Following the completion of the transaction, the insider directly owned 296,992 shares of the company’s stock, valued at $21,273,536.96. The trade was a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 65,000 shares of company stock valued at $4,575,800 over the last 90 days. 10.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MKC shares. BNP Paribas Exane dropped their price objective on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Sanford C. Bernstein dropped their price objective on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. Jefferies Financial Group dropped their price objective on McCormick & Company, Incorporated from $81.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Zacks Research upgraded McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Barclays dropped their price target on McCormick & Company, Incorporated from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Up 0.8%

McCormick & Company, Incorporated stock opened at $54.15 on Tuesday. 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 stock has a 50 day moving average of $60.98 and a two-hundred day moving average of $64.33. The stock has a market capitalization of $14.55 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 2.63 and a beta of 0.71. McCormick & Company, Incorporated has a twelve month low of $47.52 and a twelve month high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. The business had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $0.60 EPS. As a group, research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Monday, April 20th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, April 20th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 31.48%.

About McCormick & Company, Incorporated

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.