Banque Cantonale Vaudoise Makes New Investment in McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Banque Cantonale Vaudoise has purchased 17,319 shares of McCormick & Company, valued at approximately $1.4 million, marking a new position for the investor in the first quarter.
• McCormick reported $0.69 earnings per share for the latest quarter, surpassing estimates, with revenue growth of 1.0% year-over-year.
• The company declared a quarterly dividend of $0.45, translating to an annual yield of 2.52%, with a current dividend payout ratio of 62.50%.

Banque Cantonale Vaudoise purchased a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 17,319 shares of the company's stock, valued at approximately $1,426,000.

A number of other hedge funds have also recently made changes to their positions in the company. Select Equity Group L.P. bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter worth about $104,863,000. Balyasny Asset Management L.P. raised its position in shares of McCormick & Company, Incorporated by 47.5% during the fourth 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 raised its position in shares of McCormick & Company, Incorporated by 16.8% during the fourth 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. D. E. Shaw & Co. Inc. raised its position in shares of McCormick & Company, Incorporated by 88.2% during the fourth 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. Finally, Invesco Ltd. raised its position in shares of McCormick & Company, Incorporated by 17.6% during the fourth quarter. Invesco Ltd. now owns 2,641,812 shares of the company's stock worth $201,412,000 after acquiring an additional 396,214 shares during the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup lowered their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. Stifel Nicolaus lowered their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a report on Tuesday. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Finally, UBS Group assumed coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 target price for the company. 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $83.00.

McCormick & Company, Incorporated Stock Down 0.5%

McCormick & Company, Incorporated stock traded down $0.33 during mid-day trading on Friday, reaching $70.30. The stock had a trading volume of 1,401,903 shares, compared to its average volume of 2,092,515. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. McCormick & Company, Incorporated has a fifty-two week low of $69.84 and a fifty-two week high of $86.24. The stock's 50-day simple moving average is $73.25 and its 200-day simple moving average is $75.99. The firm has a market capitalization of $18.87 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 3.40 and a beta of 0.66.

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

McCormick & Company, Incorporated Announces Dividend

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

Insider Activity

In related news, insider Katherine Jenkins sold 7,642 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $76.38, for a total transaction of $583,695.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 23.80% of the stock is currently owned by insiders.

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.