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Forsta AP Fonden Purchases 9,300 Shares of McCormick & Company, Incorporated (NYSE:MKC)

McCormick & Company, Incorporated logo with Consumer Staples background

Key Points

  • Forsta AP Fonden increased its stake in McCormick & Company by 12.6% during Q1, now owning 83,000 shares worth approximately $6.83 million.
  • McCormick reported Q2 earnings of $0.69 per share, surpassing expectations of $0.65, with revenue of $1.66 billion, a 1.0% increase from the same quarter last year.
  • The company declared a quarterly dividend of $0.45, representing an annual yield of 2.6% and a payout ratio of 62.5%.
  • Want stock alerts on McCormick & Company, Incorporated? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Forsta AP Fonden raised its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 12.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,000 shares of the company's stock after purchasing an additional 9,300 shares during the quarter. Forsta AP Fonden's holdings in McCormick & Company, Incorporated were worth $6,832,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. EagleClaw Capital Managment LLC raised its holdings in shares of McCormick & Company, Incorporated by 0.4% during the 1st quarter. EagleClaw Capital Managment LLC now owns 36,670 shares of the company's stock valued at $3,018,000 after buying an additional 135 shares in the last quarter. Sage Capital Advisors llc raised its holdings in shares of McCormick & Company, Incorporated by 2.8% during the 1st quarter. Sage Capital Advisors llc now owns 5,017 shares of the company's stock valued at $413,000 after buying an additional 137 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of McCormick & Company, Incorporated by 0.3% during the 4th quarter. Bessemer Group Inc. now owns 43,002 shares of the company's stock valued at $3,278,000 after buying an additional 139 shares in the last quarter. ST Germain D J Co. Inc. raised its holdings in shares of McCormick & Company, Incorporated by 1.8% during the 1st quarter. ST Germain D J Co. Inc. now owns 7,810 shares of the company's stock valued at $643,000 after buying an additional 140 shares in the last quarter. Finally, Miracle Mile Advisors LLC increased its stake in McCormick & Company, Incorporated by 1.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 11,078 shares of the company's stock worth $912,000 after purchasing an additional 146 shares during the period. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Trading Down 0.7%

Shares of MKC traded down $0.49 during mid-day trading on Friday, hitting $69.70. 346,938 shares of the company's stock traded hands, compared to its average volume of 2,283,178. 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 has a 1 year low of $68.42 and a 1 year high of $86.24. The firm has a market capitalization of $18.70 billion, a P/E ratio of 24.18, a PEG ratio of 3.40 and a beta of 0.66. The business's 50-day moving average price is $72.79 and its 200-day moving average price is $75.72.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The firm had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the previous year, the firm earned $0.69 earnings per share. The business's revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were given a dividend of $0.45 per share. The ex-dividend date was Monday, July 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. McCormick & Company, Incorporated's payout ratio is currently 62.50%.

Analyst Ratings Changes

MKC has been the topic of a number of analyst reports. Citigroup decreased their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 17th. UBS Group initiated coverage on McCormick & Company, Incorporated in a research note on Monday, June 16th. They issued a "neutral" rating and a $83.00 price target on the stock. Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Stifel Nicolaus decreased their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of "Hold" and an average price target of $83.00.

Check Out Our Latest Stock Analysis on MKC

McCormick & Company, Incorporated Company Profile

(Free Report)

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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Institutional Ownership by Quarter for McCormick & Company, Incorporated (NYSE:MKC)

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