Landscape Capital Management L.L.C. Buys Shares of 22,671 McCormick & Company, Incorporated $MKC

Key Points

• Landscape Capital Management initiated a new position in McCormick & Company, buying 22,671 shares worth about $1.54 million in the fourth quarter.
• Other institutional investors also increased their stakes, and hedge funds and institutions now own 79.74% of McCormick’s stock.
• McCormick posted better-than-expected quarterly results, with EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion, while analysts currently rate the stock a consensus “Hold” with an average target price of $63.27.

Landscape Capital Management L.L.C. bought a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 22,671 shares of the company's stock, valued at approximately $1,544,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Rafferty Asset Management LLC grew its stake in shares of McCormick & Company, Incorporated by 0.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company's stock valued at $1,443,000 after purchasing an additional 157 shares during the last quarter. Ransom Advisory Ltd grew its stake in shares of McCormick & Company, Incorporated by 3.6% in the 4th quarter. Ransom Advisory Ltd now owns 4,625 shares of the company's stock valued at $315,000 after purchasing an additional 160 shares during the last quarter. Deseret Mutual Benefit Administrators grew its stake in shares of McCormick & Company, Incorporated by 67.8% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company's stock valued at $28,000 after purchasing an additional 164 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of McCormick & Company, Incorporated by 10.5% in the 4th quarter. Van ECK Associates Corp now owns 1,795 shares of the company's stock valued at $122,000 after purchasing an additional 171 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of McCormick & Company, Incorporated by 10.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,910 shares of the company's stock valued at $131,000 after purchasing an additional 176 shares during the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on MKC. BNP Paribas Exane lowered their target price on 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. Barclays lowered their target price on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 31st. JPMorgan Chase & Co. decreased their price target on McCormick & Company, Incorporated from $64.00 to $63.00 and set an "overweight" rating on the stock in a research note on Friday. Weiss Ratings downgraded McCormick & Company, Incorporated from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday. Finally, HSBC decreased their price target on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research note on Thursday, March 26th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of "Hold" and an average target price of $63.27.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley acquired 2,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Friday, April 10th. The stock was purchased at an average cost of $52.98 per share, with a total value of $105,960.00. Following the completion of the acquisition, the director owned 2,906 shares in the company, valued at $153,959.88. This trade represents a 220.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Stock Down 2.3%

McCormick & Company, Incorporated stock opened at $47.83 on Tuesday. 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. The company has a market cap of $12.85 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 2.42 and a beta of 0.65. The stock's 50 day moving average price is $49.21 and its 200 day moving average price is $59.08.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly 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. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the previous year, the business earned $0.60 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 EPS 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. Investors of record on Monday, April 20th were paid a $0.48 dividend. The ex-dividend date was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. McCormick & Company, Incorporated's payout ratio is 31.48%.

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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