Carnegie Investment Counsel Sells 80,854 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Carnegie Investment Counsel sold 80,854 shares of McCormick, cutting its stake by 94.3% to 4,925 shares worth about $335,000 at quarter-end.
• McCormick beat quarterly estimates with $0.66 EPS (vs. $0.61) and $1.87B revenue, announced a $0.48 quarterly dividend (annualized $1.92, ~3.5% yield), and reported revenue up 16.7% year-over-year.
• Analysts have reduced price targets recently and the stock’s consensus rating is Hold with a $64.27 average target, while insiders showed activity (a director bought 2,000 shares and insiders sold ~65,000 shares in the last three months).

Carnegie Investment Counsel decreased its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 94.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,925 shares of the company's stock after selling 80,854 shares during the period. Carnegie Investment Counsel's holdings in McCormick & Company, Incorporated were worth $335,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MKC. Heartwood Wealth Advisors LLC bought a new position in shares of McCormick & Company, Incorporated in the 3rd quarter valued at about $28,000. GoalVest Advisory LLC bought a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $28,000. SouthState Bank Corp lifted its stake in McCormick & Company, Incorporated by 1,777.8% in the third quarter. SouthState Bank Corp now owns 507 shares of the company's stock worth $34,000 after purchasing an additional 480 shares during the last quarter. Steigerwald Gordon & Koch Inc. bought a new stake in McCormick & Company, Incorporated in the third quarter worth about $37,000. Finally, Rakuten Investment Management Inc. bought a new stake in McCormick & Company, Incorporated in the third quarter worth about $47,000. Institutional investors own 79.74% of the company's stock.

Analyst Upgrades and Downgrades

MKC has been the subject of several analyst reports. Stifel Nicolaus decreased their price objective on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. BNP Paribas Exane decreased their price objective on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Barclays decreased their price objective on shares of McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. Sanford C. Bernstein decreased their price objective on shares of McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating for the company in a research note on Tuesday, March 24th. Finally, HSBC decreased their price objective on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $64.27.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley bought 2,000 shares of McCormick & Company, Incorporated stock in a transaction dated Friday, April 10th. The shares were acquired at an average cost of $52.98 per share, with a total value of $105,960.00. Following the completion of the transaction, the director owned 2,906 shares in the company, valued at $153,959.88. The trade was a 220.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Tapiero sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $67.09, for a total transaction of $335,450.00. Following the transaction, the director directly owned 31,596 shares in the company, valued at approximately $2,119,775.64. This trade represents a 13.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 65,000 shares of company stock valued at $4,575,800. 10.60% of the stock is owned by insiders.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE:MKC opened at $54.15 on Tuesday. The firm has a market cap of $14.55 billion, a PE ratio of 8.88, a price-to-earnings-growth ratio of 2.63 and a beta of 0.71. The firm's 50 day simple moving average is $60.98 and its 200-day simple moving average is $64.33. McCormick & Company, Incorporated has a one year low of $47.52 and a one year high of $78.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. As a group, equities analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Monday, April 20th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.5%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 31.48%.

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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