Cidel Asset Management Inc. Takes $3 Million Position in McCormick & Company, Incorporated (NYSE:MKC)

Cidel Asset Management Inc. purchased a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 36,433 shares of the company's stock, valued at approximately $2,999,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Curio Wealth LLC bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at $30,000. Salem Investment Counselors Inc. increased its position in McCormick & Company, Incorporated by 610.9% during the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after acquiring an additional 336 shares during the last quarter. Twin Tree Management LP purchased a new stake in McCormick & Company, Incorporated during the fourth quarter valued at $33,000. Ameriflex Group Inc. purchased a new stake in McCormick & Company, Incorporated during the fourth quarter valued at $33,000. Finally, Stonebridge Financial Group LLC increased its position in McCormick & Company, Incorporated by 101.0% during the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after acquiring an additional 202 shares during the last quarter. 79.74% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $75.74 on Tuesday. The firm has a market cap of $20.31 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 3.82 and a beta of 0.68. 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 business has a 50-day moving average price of $74.37 and a 200-day moving average price of $76.60. McCormick & Company, Incorporated has a twelve month low of $69.00 and a twelve month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. The firm had revenue of $1.66 billion during 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%. The business's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.69 earnings per share. As a group, equities research analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Monday, July 7th. McCormick & Company, Incorporated's payout ratio is presently 61.86%.

Insider Activity at McCormick & Company, Incorporated

In related news, VP Gregory Repas sold 2,750 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the completion of the transaction, the vice president directly owned 2,266 shares of the company's stock, valued at approximately $184,497.72. This represents a 54.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lawrence Erik Kurzius sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $81.81, for a total value of $4,090,500.00. Following the completion of the sale, the director directly owned 247,437 shares of the company's stock, valued at $20,242,820.97. The trade was a 16.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,392 shares of company stock valued at $4,898,101. Insiders own 23.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup reduced their price objective on 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. Argus cut McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, 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 for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of "Hold" and an average 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.

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