Sumitomo Life Insurance Co. trimmed its stake in shares of MCCORMICK & CO /SH NV (NYSE:MKC) by 8.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,257 shares of the company’s stock after selling 1,292 shares during the period. Sumitomo Life Insurance Co.’s holdings in MCCORMICK & CO /SH were worth $2,148,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of MKC. O Shaughnessy Asset Management LLC bought a new position in MCCORMICK & CO /SH during the fourth quarter valued at about $26,000. Winthrop Partners WNY LLC bought a new stake in MCCORMICK & CO /SH in the fourth quarter worth $28,000. JNBA Financial Advisors bought a new stake in MCCORMICK & CO /SH in the fourth quarter worth $28,000. Financial Advantage Inc. bought a new stake in MCCORMICK & CO /SH in the fourth quarter worth $41,000. Finally, Sontag Advisory LLC bought a new stake in MCCORMICK & CO /SH in the fourth quarter worth $44,000. 80.35% of the stock is owned by institutional investors.
MKC has been the subject of several recent research reports. Credit Suisse Group set a $108.00 price target on shares of MCCORMICK & CO /SH and gave the stock a “buy” rating in a research note on Thursday, December 20th. Deutsche Bank raised shares of MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a research note on Friday, January 25th. Consumer Edge raised shares of MCCORMICK & CO /SH from an “equal weight” rating to an “overweight” rating in a research note on Friday, January 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $150.00 price objective on shares of MCCORMICK & CO /SH in a research note on Monday, January 28th. Finally, Zacks Investment Research downgraded shares of MCCORMICK & CO /SH from a “buy” rating to a “hold” rating in a research note on Monday, January 28th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $132.57.
In related news, major shareholder Alan D. Wilson sold 94,400 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $151.47, for a total transaction of $14,298,768.00. Following the transaction, the insider now owns 206,553 shares in the company, valued at $31,286,582.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Alan D. Wilson sold 90,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $140.00, for a total transaction of $12,600,000.00. The disclosure for this sale can be found here. Insiders have sold 193,600 shares of company stock worth $28,320,076 in the last quarter. 11.00% of the stock is owned by corporate insiders.
Shares of NYSE MKC opened at $153.20 on Wednesday. MCCORMICK & CO /SH NV has a 1 year low of $99.53 and a 1 year high of $156.00. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.34 and a current ratio of 0.78. The stock has a market cap of $20.46 billion, a P/E ratio of 30.82, a P/E/G ratio of 3.27 and a beta of 0.26.
MCCORMICK & CO /SH (NYSE:MKC) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.06. MCCORMICK & CO /SH had a net margin of 12.19% and a return on equity of 21.41%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the company earned $1.00 earnings per share. MCCORMICK & CO /SH’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, equities analysts predict that MCCORMICK & CO /SH NV will post 5.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Friday, April 5th. MCCORMICK & CO /SH’s dividend payout ratio is currently 45.88%.
MCCORMICK & CO /SH Profile
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.
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