McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by Blueshift Asset Management LLC

Key Points

• Blueshift Asset Management LLC has significantly reduced its holdings in McCormick & Company, selling 4,315 shares, which represents a 60.1% decrease in their stake, now valued at $235,000.
• McCormick reported $0.69 earnings per share for its latest quarter, surpassing expectations, with a net margin of 11.50% and revenue of $1.66 billion, slightly below forecasts.
• The company recently declared a quarterly dividend of $0.45 per share, yielding 2.6%, with a payout ratio of 62.50%.

Blueshift Asset Management LLC lessened its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 60.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,860 shares of the company's stock after selling 4,315 shares during the quarter. Blueshift Asset Management LLC's holdings in McCormick & Company, Incorporated were worth $235,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Select Equity Group L.P. purchased a new position in McCormick & Company, Incorporated during the fourth quarter valued at $104,863,000. Balyasny Asset Management L.P. lifted its holdings in 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 valued at $216,771,000 after purchasing an additional 915,807 shares in the last quarter. Northern Trust Corp lifted its holdings in McCormick & Company, Incorporated by 16.8% during the fourth quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock valued at $281,573,000 after purchasing an additional 531,060 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of McCormick & Company, Incorporated by 88.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock worth $67,035,000 after buying an additional 412,074 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of McCormick & Company, Incorporated by 17.6% in the fourth quarter. Invesco Ltd. now owns 2,641,812 shares of the company's stock worth $201,412,000 after buying an additional 396,214 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In related news, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 SEC, which is available through this hyperlink. 23.80% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock traded down $0.22 during trading hours on Thursday, reaching $69.21. 77,560 shares of the stock were exchanged, compared to its average volume of 2,287,385. The stock has a market cap of $18.57 billion, a P/E ratio of 24.06, a P/E/G ratio of 3.35 and a beta of 0.66. 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 52-week low of $69.27 and a 52-week high of $86.24. The firm's 50 day moving average is $73.14 and its 200 day moving average is $75.91.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 EPS. Analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

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

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.