Ilmarinen Mutual Pension Insurance Co Cuts Stake in McCormick & Company, Incorporated $MKC

Key Points

• Ilmarinen Mutual Pension Insurance Co reduced its McCormick & Company stake by 64.3% in the fourth quarter, selling 74,000 shares and leaving it with 41,000 shares worth about $2.79 million.
• McCormick reported better-than-expected quarterly results, posting EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion versus $1.79 billion expected, with revenue up 16.7% year over year.
• The company recently paid a quarterly dividend of $0.48 per share and currently offers a 4.0% annualized yield, while analysts remain mixed with an average rating of Hold and an average target price of $64.27.

Ilmarinen Mutual Pension Insurance Co cut its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 64.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,000 shares of the company's stock after selling 74,000 shares during the quarter. Ilmarinen Mutual Pension Insurance Co's holdings in McCormick & Company, Incorporated were worth $2,793,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nuance Investments LLC acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter valued at about $15,388,000. WINTON GROUP Ltd grew its stake in shares of McCormick & Company, Incorporated by 76.9% during the third quarter. WINTON GROUP Ltd now owns 37,500 shares of the company's stock valued at $2,509,000 after acquiring an additional 16,300 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of McCormick & Company, Incorporated by 3.5% during the third quarter. Envestnet Asset Management Inc. now owns 878,886 shares of the company's stock valued at $58,806,000 after acquiring an additional 29,418 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter valued at about $3,819,000. Finally, PGGM Investments grew its stake in shares of McCormick & Company, Incorporated by 10.2% during the fourth quarter. PGGM Investments now owns 746,607 shares of the company's stock valued at $50,851,000 after acquiring an additional 69,034 shares in the last quarter. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC opened at $47.46 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The firm's 50-day moving average price is $50.12 and its two-hundred day moving average price is $60.54. McCormick & Company, Incorporated has a 52-week low of $44.82 and a 52-week high of $78.16. The stock has a market capitalization of $12.75 billion, a P/E ratio of 7.78, a P/E/G ratio of 2.30 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The firm had revenue of $1.87 billion for the quarter, compared to analysts' expectations 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 revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. As a group, sell-side analysts forecast that McCormick & Company, Incorporated will post 3.09 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were issued 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 yield of 4.0%. McCormick & Company, Incorporated's payout ratio is presently 31.48%.

Wall Street Analyst Weigh In

MKC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft decreased their price target on McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, March 30th. Jefferies Financial Group decreased their price target on McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. JPMorgan Chase & Co. cut 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 report on Wednesday, April 1st. HSBC cut their target price on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a report on Thursday, March 26th. Finally, Stifel Nicolaus cut their target price on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a report on Wednesday, April 1st. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $64.27.

Insider Buying and Selling

In other news, Director Gavin Hattersley bought 2,000 shares of the company's stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the completion of the acquisition, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. This trade represents a 220.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.60% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.