L & S Advisors Inc Invests $4 Million in McCormick & Company, Incorporated $MKC

Key Points

• L & S Advisors Inc disclosed a new position in McCormick & Company, buying 58,786 shares worth about $4.0 million in the fourth quarter.
• Several other institutional investors also added to or initiated positions, and institutional ownership stands at 79.74%. Insider buying was also noted, with Director Gavin Hattersley purchasing 2,000 shares at $52.98 each.
• McCormick beat quarterly expectations, reporting $0.66 EPS on $1.87 billion in revenue, while analysts have generally turned more cautious: the stock now has a Hold consensus and a target price of $64.27.

L & S Advisors Inc bought a new position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 58,786 shares of the company's stock, valued at approximately $4,004,000.

Several other large investors have also made changes to their positions in the business. Qsemble Capital Management LP raised its stake in McCormick & Company, Incorporated by 88.7% in the 4th quarter. Qsemble Capital Management LP now owns 41,789 shares of the company's stock valued at $2,846,000 after purchasing an additional 19,644 shares during the last quarter. AlphaCore Capital LLC acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at $421,000. DNB Asset Management AS raised its stake in McCormick & Company, Incorporated by 2.1% in the 4th quarter. DNB Asset Management AS now owns 68,817 shares of the company's stock valued at $4,687,000 after purchasing an additional 1,385 shares during the last quarter. Applied Finance Capital Management LLC acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at $317,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at $960,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gavin Hattersley bought 2,000 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was bought at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the acquisition, the director directly 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 SEC, which is available at the SEC website. 10.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft reduced their price objective 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. Barclays reduced their price objective on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. HSBC reduced their price objective on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Finally, TD Cowen reduced their price objective on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $46.26 on Friday. The stock has a market cap of $12.43 billion, a PE ratio of 7.58, a P/E/G ratio of 2.27 and a beta of 0.68. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a twelve month low of $44.82 and a twelve month high of $78.16. The stock has a fifty day simple moving average of $52.74 and a 200-day simple moving average of $61.76.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business had revenue of $1.87 billion during the quarter, compared to analysts' expectations of $1.79 billion. During the same period in the prior year, the business posted $0.60 EPS. The company's revenue was up 16.7% compared to the same quarter last year. Equities analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

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. This represents a $1.92 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 31.48%.

McCormick & Company, Incorporated 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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