Crestwood Advisors Group LLC Has $21.49 Million Stock Holdings in McCormick & Company, Incorporated $MKC

Key Points

• Crestwood Advisors Group LLC trimmed its stake in McCormick by 34.4%, selling 165,612 shares and holding 315,543 shares worth about $21.49 million.
• McCormick beat Q1 expectations, reporting $0.66 EPS vs. $0.61 expected and $1.87B revenue (up 16.7% YoY), and declared a $0.48 quarterly dividend (annualized $1.92) for a 4.0% yield.
• Market backdrop: about 79.7% of MKC is institutionally owned, analysts show mixed ratings with a consensus target of $64.27, and the stock trades near its 52-week low (~$47–48) with a P/E of 7.85.

Crestwood Advisors Group LLC trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 34.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 315,543 shares of the company's stock after selling 165,612 shares during the quarter. Crestwood Advisors Group LLC owned about 0.12% of McCormick & Company, Incorporated worth $21,492,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Sequoia Financial Advisors LLC grew its holdings in McCormick & Company, Incorporated by 69.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 8,014 shares of the company's stock worth $546,000 after purchasing an additional 3,287 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in McCormick & Company, Incorporated by 2.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 607,039 shares of the company's stock worth $40,842,000 after purchasing an additional 12,771 shares during the period. Intact Investment Management Inc. grew its holdings in McCormick & Company, Incorporated by 13.8% in the fourth quarter. Intact Investment Management Inc. now owns 74,900 shares of the company's stock worth $5,101,000 after purchasing an additional 9,100 shares during the period. Horizon Investments LLC grew its holdings in McCormick & Company, Incorporated by 5.9% in the fourth quarter. Horizon Investments LLC now owns 11,498 shares of the company's stock worth $783,000 after purchasing an additional 637 shares during the period. Finally, North Star Investment Management Corp. grew its holdings in McCormick & Company, Incorporated by 51.2% in the fourth quarter. North Star Investment Management Corp. now owns 3,952 shares of the company's stock worth $269,000 after purchasing an additional 1,338 shares during the period. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Down 1.3%

MKC opened at $47.88 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.76 and a quick ratio of 0.36. The company's 50-day moving average is $55.38 and its 200 day moving average is $62.60. McCormick & Company, Incorporated has a fifty-two week low of $47.30 and a fifty-two week high of $78.16. The firm has a market capitalization of $12.87 billion, a P/E ratio of 7.85, a PEG ratio of 2.38 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the firm earned $0.60 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. Research analysts expect that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the firm's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $67.92, for a total transaction of $339,600.00. Following the transaction, the director directly owned 43,029 shares of the company's stock, valued at $2,922,529.68. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gavin Hattersley purchased 2,000 shares of the company's stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the transaction, the director directly owned 2,906 shares of the company's stock, valued at $153,959.88. This represents a 220.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 10.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Zacks Research upgraded shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Jefferies Financial Group reduced their price target on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. HSBC dropped their price objective on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research note on Thursday, March 26th. BNP Paribas Exane dropped their price objective on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research note on Monday, April 27th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated 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.

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