Corient Private Wealth LLC Trims Stock Holdings in McCormick & Company, Incorporated $MKC

Key Points

• Corient Private Wealth LLC cut its McCormick stake by 13% in the fourth quarter, selling 70,555 shares and ending with 472,780 shares worth about $32.2 million.
• McCormick’s stock has drawn mixed sentiment from analysts, with several firms recently lowering price targets; the consensus rating is currently Hold with an average target price of $61.90.
• The company reported better-than-expected quarterly results, including EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion, while also paying a quarterly dividend of $0.48 per share.

Corient Private Wealth LLC lowered its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 13.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 472,780 shares of the company's stock after selling 70,555 shares during the period. Corient Private Wealth LLC owned approximately 0.18% of McCormick & Company, Incorporated worth $32,247,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MKC. Vanguard Group Inc. boosted its holdings in McCormick & Company, Incorporated by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 32,679,906 shares of the company's stock worth $2,225,828,000 after buying an additional 314,252 shares during the period. State Street Corp grew its stake in McCormick & Company, Incorporated by 5.1% in the 3rd quarter. State Street Corp now owns 15,522,816 shares of the company's stock valued at $1,038,632,000 after buying an additional 747,844 shares in the last quarter. Geode Capital Management LLC raised its holdings in McCormick & Company, Incorporated by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 6,508,928 shares of the company's stock valued at $441,571,000 after acquiring an additional 59,587 shares during the period. Invesco Ltd. raised its holdings in McCormick & Company, Incorporated by 3.1% during the 4th quarter. Invesco Ltd. now owns 6,422,944 shares of the company's stock valued at $437,467,000 after acquiring an additional 190,607 shares during the period. Finally, Aristotle Capital Management LLC purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth $259,918,000. Institutional investors own 79.74% of the company's stock.

Analyst Ratings Changes

MKC has been the subject of a number of analyst reports. Barclays cut their price target on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. BTIG Research began coverage on McCormick & Company, Incorporated in a report on Tuesday, April 14th. They set a "neutral" rating on the stock. UBS Group cut their target price on McCormick & Company, Incorporated from $53.00 to $51.00 and set a "neutral" rating for the company in a research note on Tuesday, June 2nd. HSBC reduced their target price on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a report on Thursday, March 26th. Finally, Stifel Nicolaus decreased their price target on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research report on Wednesday, April 1st. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus target price of $61.90.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $46.59 on Monday. The company's 50 day simple moving average is $48.92 and its two-hundred day simple moving average is $58.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.76 and a quick ratio of 0.36. McCormick & Company, Incorporated has a 1 year low of $44.82 and a 1 year high of $78.16. The stock has a market capitalization of $12.52 billion, a PE ratio of 7.64, a P/E/G ratio of 2.30 and a beta of 0.65.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The firm's revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. Analysts predict that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 27th. Shareholders of record on Monday, April 20th were issued a $0.48 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 annualized dividend and a dividend yield of 4.1%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 31.48%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the stock in a transaction on Friday, April 10th. The shares were purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the acquisition, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. The trade was a 220.75% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 10.60% of the stock is currently owned by insiders.

McCormick & Company, Incorporated Company Profile

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.

Want to see what other hedge funds are holding MKC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McCormick & Company, Incorporated (NYSE:MKC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.