Elevate Capital Advisors LLC Raises Holdings in McCormick & Company, Incorporated $MKC

Key Points

• Elevate Capital Advisors LLC increased its holdings in McCormick & Company by 44.9%, owning 24,020 shares worth approximately $1.82 million at the end of the second quarter.
• McCormick recently declared a quarterly dividend of $0.45 per share, with an annualized dividend of $1.80 and a yield of 2.6%.
• The stock has experienced volatility, with a 12-month low of $63.66 and a high of $86.24, currently trading around $68.92.

Elevate Capital Advisors LLC grew its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 44.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,020 shares of the company's stock after buying an additional 7,442 shares during the period. Elevate Capital Advisors LLC's holdings in McCormick & Company, Incorporated were worth $1,821,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. lifted its holdings in McCormick & Company, Incorporated by 1,360.5% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,575,104 shares of the company's stock worth $129,647,000 after purchasing an additional 1,467,254 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in McCormick & Company, Incorporated by 28.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company's stock worth $340,406,000 after purchasing an additional 920,618 shares in the last quarter. Alecta Tjanstepension Omsesidigt lifted its holdings in McCormick & Company, Incorporated by 94.7% during the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company's stock worth $134,795,000 after purchasing an additional 865,500 shares in the last quarter. Nuveen LLC purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $55,643,000. Finally, Westfield Capital Management Co. LP purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $47,056,000. Hedge funds and other institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC opened at $68.92 on Friday. The business's 50-day moving average price is $69.02 and its two-hundred day moving average price is $72.94. McCormick & Company, Incorporated has a twelve month low of $63.66 and a twelve month high of $86.24. The stock has a market cap of $18.50 billion, a P/E ratio of 23.93, a PEG ratio of 3.38 and a beta of 0.63. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 62.50%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MKC. Weiss Ratings reissued a "hold (c)" rating on shares of McCormick & Company, Incorporated in a report on Saturday, September 27th. Jefferies Financial Group dropped their price objective on McCormick & Company, Incorporated from $90.00 to $84.00 and set a "buy" rating on the stock in a report on Monday, September 22nd. Stifel Nicolaus dropped their price objective on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. Citigroup dropped their price objective on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, June 17th. Finally, Wall Street Zen cut McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $80.29.

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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