Aberdeen Group plc Sells 292,097 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Aberdeen Group plc sold 292,097 shares of McCormick & Company, reducing its holdings by 59.3% during the first quarter, now owning a total of 200,127 shares valued at approximately $16.5 million.
• Several institutional investors are diversifying their positions in McCormick, including Zions Bancorporation and Wayfinding Financial, with the company now having 79.74% of its stock owned by institutional investors.
• McCormick's recent earnings report showed an EPS of $0.69, surpassing expectations, while it also declared a quarterly dividend of $0.45 per share, reflecting a 2.6% dividend yield.

Aberdeen Group plc lessened its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 59.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 200,127 shares of the company's stock after selling 292,097 shares during the period. Aberdeen Group plc owned 0.07% of McCormick & Company, Incorporated worth $16,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new stake in McCormick & Company, Incorporated in the 1st quarter valued at $28,000. Wayfinding Financial LLC acquired a new position in McCormick & Company, Incorporated in the 1st quarter valued at $30,000. Salem Investment Counselors Inc. grew its holdings in McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after buying an additional 336 shares in the last quarter. Ameriflex Group Inc. acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at $33,000. Finally, Stonebridge Financial Group LLC grew its holdings in McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after buying an additional 202 shares in the last quarter. Institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

MKC has been the topic of a number of research reports. Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. UBS Group initiated coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 price objective on the stock. Stifel Nicolaus decreased their price objective 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. Finally, Citigroup decreased their price objective 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, McCormick & Company, Incorporated has an average rating of "Hold" and a consensus target price of $83.00.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC opened at $68.43 on Tuesday. The stock's 50-day simple moving average is $72.56 and its 200 day simple moving average is $75.59. The firm has a market capitalization of $18.36 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 3.35 and a beta of 0.66. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. McCormick & Company, Incorporated has a twelve month low of $68.23 and a twelve month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. McCormick & Company, Incorporated's revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm posted $0.69 earnings per share. On average, analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 62.50%.

McCormick & Company, Incorporated 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.

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