Alecta Tjanstepension Omsesidigt Reduces Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• Alecta Tjanstepension Omsesidigt cut its stake in McCormick by 26.5% in Q4, selling 472,300 shares and now holds 1,306,700 shares (about 0.49%) valued at $88.99 million.
• Analysts have pared target prices recently and the consensus rating is Hold with a consensus target price of $64.27 (six Buy ratings vs. eight Hold ratings).
• McCormick topped quarterly estimates with $0.66 EPS vs. $0.61 expected and $1.87B revenue (up 16.7% YoY), and pays a 4.0% dividend yield ($1.92 annualized).

Alecta Tjanstepension Omsesidigt lessened its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 26.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,306,700 shares of the company's stock after selling 472,300 shares during the period. Alecta Tjanstepension Omsesidigt owned 0.49% of McCormick & Company, Incorporated worth $88,986,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MKC. Invesco Ltd. increased its stake in McCormick & Company, Incorporated by 66.7% in the 3rd quarter. Invesco Ltd. now owns 6,232,337 shares of the company's stock worth $417,006,000 after buying an additional 2,494,544 shares during the period. Wellington Management Group LLP increased its stake in McCormick & Company, Incorporated by 67.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company's stock worth $187,183,000 after buying an additional 1,124,003 shares during the period. State Street Corp increased its stake in McCormick & Company, Incorporated by 5.1% in the 3rd quarter. State Street Corp now owns 15,522,816 shares of the company's stock worth $1,038,632,000 after buying an additional 747,844 shares during the period. American Century Companies Inc. purchased a new position in McCormick & Company, Incorporated in the 3rd quarter worth about $48,576,000. Finally, Scopus Asset Management L.P. increased its stake in McCormick & Company, Incorporated by 191.0% in the 3rd quarter. Scopus Asset Management L.P. now owns 885,250 shares of the company's stock worth $59,232,000 after buying an additional 581,017 shares during the period. Hedge funds and other institutional investors own 79.74% of the company's stock.

Analyst Upgrades and Downgrades

MKC has been the topic of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 1st. Jefferies Financial Group cut their target price on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft cut their target price on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a research report on Monday, March 30th. TD Cowen cut their target price on shares of McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research report on Monday, April 27th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Up 0.0%

Shares of McCormick & Company, Incorporated stock opened at $48.51 on Thursday. The firm's 50 day moving average price is $55.82 and its 200-day moving average price is $62.74. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a 52-week low of $47.30 and a 52-week high of $78.16. The company has a market cap of $13.04 billion, a P/E ratio of 7.95, a PEG ratio of 2.38 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm earned $0.60 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were given a $0.48 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. McCormick & Company, Incorporated's payout ratio is presently 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley acquired 2,000 shares of the business's stock in a transaction dated Friday, April 10th. The shares were purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the transaction, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. This represents a 220.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $67.92, for a total transaction of $339,600.00. Following the completion of the transaction, the director directly owned 43,029 shares in the company, valued at approximately $2,922,529.68. The trade was a 10.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 10.60% of the company's stock.

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.

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