Bank of New York Mellon Corp Cuts Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

Bank of New York Mellon Corp lowered its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 2.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,519,956 shares of the company's stock after selling 38,937 shares during the period. Bank of New York Mellon Corp owned about 0.57% of McCormick & Company, Incorporated worth $125,108,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MKC. Norges Bank acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth $223,202,000. Select Equity Group L.P. bought a new stake in McCormick & Company, Incorporated during the 4th quarter worth $104,863,000. Balyasny Asset Management L.P. grew its position in McCormick & Company, Incorporated by 47.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock worth $216,771,000 after acquiring an additional 915,807 shares during the last quarter. Northern Trust Corp grew its position in McCormick & Company, Incorporated by 16.8% during the 4th quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock worth $281,573,000 after acquiring an additional 531,060 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in McCormick & Company, Incorporated by 88.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock worth $67,035,000 after acquiring an additional 412,074 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, insider Katherine Jenkins sold 7,642 shares of McCormick & Company, Incorporated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 23.80% of the company's stock.

McCormick & Company, Incorporated Stock Down 0.7%

Shares of MKC stock traded down $0.52 during trading hours on Friday, reaching $71.92. The company had a trading volume of 1,857,648 shares, compared to its average volume of 2,070,461. McCormick & Company, Incorporated has a 12 month low of $69.98 and a 12 month high of $86.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27. The business has a fifty day simple moving average of $74.10 and a 200-day simple moving average of $76.33. The company has a market cap of $19.30 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 3.46 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates 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 quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the company posted $0.69 earnings per share. On average, research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a $0.45 dividend. The ex-dividend date is Monday, July 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.50%. McCormick & Company, Incorporated's payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Citigroup reduced their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 17th. UBS Group assumed coverage on McCormick & Company, Incorporated in a research report on Monday, June 16th. They issued a "neutral" rating and a $83.00 price target on the stock. Finally, Argus lowered McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus price target of $84.13.

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.