Alberta Investment Management Corp Purchases 4,600 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Alberta Investment Management Corp increased its stake in McCormick & Company by 22.0% in Q1, bringing its total holdings to 25,500 shares worth approximately $2.1 million.
• McCormick's quarterly earnings exceeded analyst expectations, with earnings per share of $0.69 against a consensus of $0.65, though revenue was slightly below expectations at $1.66 billion.
• The company recently announced a quarterly dividend of $0.45 per share, which translates to an annualized yield of 2.6%.

Alberta Investment Management Corp raised its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 22.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,500 shares of the company's stock after purchasing an additional 4,600 shares during the period. Alberta Investment Management Corp's holdings in McCormick & Company, Incorporated were worth $2,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at about $30,000. Salem Investment Counselors Inc. grew its holdings in McCormick & Company, Incorporated by 610.9% during 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 during the last quarter. Ameriflex Group Inc. acquired a new position in shares of McCormick & Company, Incorporated in the fourth quarter valued at approximately $33,000. Stonebridge Financial Group LLC lifted its position in McCormick & Company, Incorporated by 101.0% during the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after buying an additional 202 shares during the period. Finally, Parvin Asset Management LLC purchased a new position in shares of McCormick & Company, Incorporated in the 4th quarter worth about $38,000. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Trading Down 0.5%

MKC traded down $0.35 during trading on Tuesday, reaching $69.79. 1,905,931 shares of the stock traded hands, compared to its average volume of 2,070,207. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $18.73 billion, a PE ratio of 24.23, a P/E/G ratio of 3.37 and a beta of 0.66. The stock's 50-day moving average is $73.22 and its 200 day moving average is $76.00. McCormick & Company, Incorporated has a 12 month low of $69.74 and a 12 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The business's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 EPS. Equities analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

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

Insider Buying and Selling

In other news, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $76.38, for a total transaction of $583,695.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 23.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group began coverage on McCormick & Company, Incorporated in a research note on Monday, June 16th. They set a "neutral" rating and a $83.00 price objective for the company. Stifel Nicolaus cut their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research report on Tuesday, July 29th. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Citigroup cut their price objective on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of "Hold" and an average target price of $83.00.

About McCormick & Company, Incorporated

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.