Goldman Sachs Group Inc. Purchases 628,390 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Goldman Sachs increased its stake in McCormick & Company by 60.9% in the fourth quarter, buying 628,390 additional shares and lifting its total holdings to 1,659,766 shares worth about $113.0 million.
• McCormick reported strong quarterly results, posting EPS of $0.66 versus the $0.61 estimate and revenue of $1.87 billion versus $1.79 billion expected, with revenue up 16.7% year over year.
• The company also paid a quarterly dividend of $0.48 per share, equal to an annualized yield of about 4.0%, while analysts currently rate the stock a consensus “Hold” with a $63.36 price target.

Goldman Sachs Group Inc. boosted its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 60.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,659,766 shares of the company's stock after purchasing an additional 628,390 shares during the period. Goldman Sachs Group Inc. owned about 0.62% of McCormick & Company, Incorporated worth $113,047,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MKC. GoalVest Advisory LLC bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $28,000. Legacy Wealth Managment LLC ID bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $40,000. Elyxium Wealth LLC bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $43,000. Rothschild Investment LLC lifted its holdings in McCormick & Company, Incorporated by 114.0% during the 3rd quarter. Rothschild Investment LLC now owns 762 shares of the company's stock valued at $51,000 after purchasing an additional 406 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $56,000. 79.74% of the stock is owned by institutional investors.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the stock in a transaction dated Friday, April 10th. The stock was bought at an average price of $52.98 per share, for a total transaction of $105,960.00. Following the transaction, the director directly owned 2,906 shares in the company, valued at $153,959.88. This represents a 220.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 10.60% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Trading Up 0.9%

MKC opened at $47.69 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $12.81 billion, a PE ratio of 7.82, a PEG ratio of 2.32 and a beta of 0.65. McCormick & Company, Incorporated has a 1-year low of $44.82 and a 1-year high of $78.16. The firm has a 50-day moving average price of $49.40 and a two-hundred day moving average price of $59.73.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.79 billion. During the same quarter in the previous year, the company earned $0.60 EPS. McCormick & Company, Incorporated's revenue was up 16.7% on a year-over-year basis. As a group, equities analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were given a dividend of $0.48 per share. The ex-dividend date was Monday, April 20th. This represents a $1.92 annualized dividend and a dividend yield of 4.0%. McCormick & Company, Incorporated's payout ratio is currently 31.48%.

Wall Street Analyst Weigh In

MKC has been the subject of several research reports. BTIG Research initiated coverage on shares of McCormick & Company, Incorporated in a research report on Tuesday, April 14th. They issued a "neutral" rating for the company. Zacks Research upgraded shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. lowered their price objective on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating for the company in a research report on Monday, March 30th. Finally, UBS Group lowered their price objective on shares of McCormick & Company, Incorporated from $53.00 to $51.00 and set a "neutral" rating for the company in a research report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of "Hold" and a consensus price target of $63.36.

About McCormick & Company, Incorporated

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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