Westfield Capital Management Co. LP Takes Position in McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Westfield Capital Management Co. LP acquired 571,698 shares of McCormick & Company, valued at approximately $47 million, representing 0.21% ownership as per their recent SEC filing.
• Research analysts have set new price targets for McCormick, with Citigroup lowering it from $80.00 to $77.00 and various analysts rating the stock as "hold" or "neutral".
• The company reported a quarterly dividend of $0.45 per share, reflecting an annualized yield of 2.6%, and has a current payout ratio of 62.50%.

Westfield Capital Management Co. LP bought a new position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 571,698 shares of the company's stock, valued at approximately $47,056,000. Westfield Capital Management Co. LP owned approximately 0.21% of McCormick & Company, Incorporated as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. EagleClaw Capital Managment LLC raised its stake in McCormick & Company, Incorporated by 0.4% during the first quarter. EagleClaw Capital Managment LLC now owns 36,670 shares of the company's stock worth $3,018,000 after acquiring an additional 135 shares in the last quarter. Sage Capital Advisors llc boosted its holdings in McCormick & Company, Incorporated by 2.8% in the first quarter. Sage Capital Advisors llc now owns 5,017 shares of the company's stock valued at $413,000 after acquiring an additional 137 shares during the last quarter. Bessemer Group Inc. boosted its holdings in McCormick & Company, Incorporated by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 43,002 shares of the company's stock valued at $3,278,000 after acquiring an additional 139 shares during the last quarter. ST Germain D J Co. Inc. boosted its holdings in McCormick & Company, Incorporated by 1.8% in the first quarter. ST Germain D J Co. Inc. now owns 7,810 shares of the company's stock valued at $643,000 after acquiring an additional 140 shares during the last quarter. Finally, Miracle Mile Advisors LLC boosted its holdings in McCormick & Company, Incorporated by 1.3% in the first quarter. Miracle Mile Advisors LLC now owns 11,078 shares of the company's stock valued at $912,000 after acquiring an additional 146 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on MKC. Stifel Nicolaus reduced their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. Citigroup reduced their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, June 17th. UBS Group began coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 target price on the stock. Finally, Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus target price of $83.00.

Insider Buying and Selling

In related news, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $76.38, for a total value of $583,695.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 23.80% of the company's stock.

McCormick & Company, Incorporated Trading Down 0.4%

Shares of McCormick & Company, Incorporated stock traded down $0.27 on Wednesday, reaching $69.49. 2,003,731 shares of the company's stock were exchanged, compared to its average volume of 2,002,675. McCormick & Company, Incorporated has a 52 week low of $69.27 and a 52 week high of $86.24. The firm's 50-day moving average is $73.18 and its two-hundred day moving average is $75.96. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. The company has a market capitalization of $18.65 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 3.35 and a beta of 0.66.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $1.67 billion. During the same period last year, the business earned $0.69 EPS. McCormick & Company, Incorporated's quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side 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. Investors of record on Monday, July 7th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is presently 62.50%.

McCormick & Company, Incorporated Company Profile

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.