Geode Capital Management LLC Purchases 59,587 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Geode Capital Management increased its McCormick stake by 59,587 shares in the fourth quarter, bringing its total holding to 6.51 million shares valued at about $441.6 million.
• McCormick’s latest quarterly results were better than expected, with EPS of $0.66 versus $0.61 estimated and revenue of $1.87 billion versus $1.79 billion expected. Revenue also rose 16.7% year over year.
• The stock has attracted mixed analyst sentiment: the consensus rating is Hold with an average price target of $64.27, while the company also recently paid a quarterly dividend of $0.48 per share for a 4.0% annualized yield.

Geode Capital Management LLC increased its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,508,928 shares of the company's stock after acquiring an additional 59,587 shares during the quarter. Geode Capital Management LLC owned about 2.42% of McCormick & Company, Incorporated worth $441,571,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MKC. Invesco Ltd. boosted its position in shares of McCormick & Company, Incorporated by 66.7% in the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company's stock valued at $417,006,000 after acquiring an additional 2,494,544 shares during the period. Wellington Management Group LLP boosted its position in shares of McCormick & Company, Incorporated by 67.2% in the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company's stock valued at $187,183,000 after acquiring an additional 1,124,003 shares during the period. State Street Corp boosted its position in shares of McCormick & Company, Incorporated by 5.1% in the third quarter. State Street Corp now owns 15,522,816 shares of the company's stock valued at $1,038,632,000 after acquiring an additional 747,844 shares during the period. American Century Companies Inc. purchased a new stake in McCormick & Company, Incorporated in the third quarter valued at approximately $48,576,000. Finally, Scopus Asset Management L.P. raised its stake in McCormick & Company, Incorporated by 191.0% in the third quarter. Scopus Asset Management L.P. now owns 885,250 shares of the company's stock valued at $59,232,000 after purchasing an additional 581,017 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MKC has been the topic of a number of recent analyst reports. BNP Paribas Exane lowered their target price 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. Jefferies Financial Group lowered their target price on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. JPMorgan Chase & Co. lowered their target price on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. BTIG Research initiated coverage on shares of McCormick & Company, Incorporated in a research note on Tuesday, April 14th. They issued a "neutral" rating on the stock. Finally, Zacks Research raised shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of "Hold" and an average price target of $64.27.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the firm's stock in a transaction on Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, with a total value of $105,960.00. Following the completion of the purchase, the director owned 2,906 shares of the company's stock, valued at $153,959.88. The trade was a 220.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Trading Up 0.2%

Shares of MKC opened at $47.46 on Monday. The firm's 50 day simple moving average is $50.12 and its 200 day simple moving average is $60.52. The company has a market capitalization of $12.75 billion, a P/E ratio of 7.78, a P/E/G ratio of 2.32 and a beta of 0.65. 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.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its 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. The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. McCormick & Company, Incorporated's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.60 earnings per share. Sell-side analysts forecast 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 paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 annualized dividend and a dividend yield of 4.0%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 31.48%.

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.

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