Carnegie Investment Counsel Sells 4,413 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Carnegie Investment Counsel reduced its holdings in McCormick & Company by 4.4%, now owning 96,754 shares valued at approximately $7.96 million.
• Recent analyst ratings for McCormick's stock include a "neutral" rating from UBS with a price target of $83.00, while Citigroup lowered their target from $80.00 to $77.00.
• McCormick announced a quarterly dividend of $0.45 per share, representing an annualized dividend yield of 2.51%.

Carnegie Investment Counsel lowered its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,754 shares of the company's stock after selling 4,413 shares during the period. Carnegie Investment Counsel's holdings in McCormick & Company, Incorporated were worth $7,964,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MKC. Hazlett Burt & Watson Inc. boosted its stake in shares of McCormick & Company, Incorporated by 2.8% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 5,040 shares of the company's stock valued at $382,000 after purchasing an additional 137 shares during the period. Sage Capital Advisors llc grew its position in McCormick & Company, Incorporated by 2.8% in the 1st quarter. Sage Capital Advisors llc now owns 5,017 shares of the company's stock valued at $413,000 after buying an additional 137 shares in the last quarter. Bessemer Group Inc. grew its position in McCormick & Company, Incorporated by 0.3% in the 4th quarter. Bessemer Group Inc. now owns 43,002 shares of the company's stock valued at $3,278,000 after buying an additional 139 shares in the last quarter. ST Germain D J Co. Inc. boosted its position in shares of McCormick & Company, Incorporated by 1.8% during the 1st quarter. ST Germain D J Co. Inc. now owns 7,810 shares of the company's stock valued at $643,000 after purchasing an additional 140 shares in the last quarter. Finally, Miracle Mile Advisors LLC boosted its position in shares of McCormick & Company, Incorporated by 1.3% during the 1st quarter. Miracle Mile Advisors LLC now owns 11,078 shares of the company's stock valued at $912,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MKC. Citigroup reduced their price target on shares of 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. UBS Group initiated coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They set a "neutral" rating and a $83.00 price objective for the company. Finally, Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $84.13.

McCormick & Company, Incorporated Stock Up 1.5%

Shares of MKC traded up $1.05 on Monday, hitting $72.62. The company's stock had a trading volume of 518,965 shares, compared to its average volume of 2,298,177. McCormick & Company, Incorporated has a fifty-two week low of $69.98 and a fifty-two week high of $86.24. 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 firm's fifty day moving average price is $73.37 and its 200-day moving average price is $76.04. The firm has a market capitalization of $19.49 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 3.44 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced 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. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the prior year, the business posted $0.69 EPS. The business's revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is 62.50%.

Insider Activity

In other news, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $76.38, for a total transaction of $583,695.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 23.80% of the company's stock.

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.