McCormick & Company, Incorporated $MKC Shares Purchased by PGGM Investments

Key Points

• PGGM Investments increased its stake in McCormick & Company by 10.2% in the fourth quarter, buying 69,034 additional shares and lifting its holding to 746,607 shares valued at about $50.9 million.
• Several analysts trimmed price targets on MKC, and the stock now has a consensus rating of Hold with an average target price of $64.27.
• McCormick reported better-than-expected quarterly results, with EPS of $0.66 on revenue of $1.87 billion, and it also paid a quarterly dividend of $0.48 per share, yielding about 4.0% annually.

PGGM Investments boosted its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 10.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 746,607 shares of the company's stock after purchasing an additional 69,034 shares during the quarter. PGGM Investments owned approximately 0.28% of McCormick & Company, Incorporated worth $50,851,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. WINTON GROUP Ltd boosted its position in McCormick & Company, Incorporated by 76.9% during the third quarter. WINTON GROUP Ltd now owns 37,500 shares of the company's stock worth $2,509,000 after purchasing an additional 16,300 shares in the last quarter. Nuance Investments LLC purchased a new stake in McCormick & Company, Incorporated during the third quarter worth $15,388,000. Envestnet Asset Management Inc. boosted its position in McCormick & Company, Incorporated by 3.5% during the third quarter. Envestnet Asset Management Inc. now owns 878,886 shares of the company's stock worth $58,806,000 after purchasing an additional 29,418 shares in the last quarter. Cibc World Market Inc. purchased a new stake in McCormick & Company, Incorporated during the third quarter worth $3,819,000. Finally, Strengthening Families & Communities LLC boosted its position in McCormick & Company, Incorporated by 3,178.6% during the third quarter. Strengthening Families & Communities LLC now owns 33,048 shares of the company's stock worth $2,211,000 after purchasing an additional 32,040 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MKC has been the topic of a number of research analyst reports. Barclays decreased 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 report on Tuesday, March 31st. UBS Group cut their price target on McCormick & Company, Incorporated from $67.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Sanford C. Bernstein cut their price target on McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating for the company in a report on Tuesday, March 24th. Zacks Research raised McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Finally, TD Cowen cut their price target on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $64.27.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Gavin Hattersley bought 2,000 shares of the company's stock in a transaction that occurred on Friday, April 10th. The stock was purchased at an average cost of $52.98 per share, for a total transaction 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. This trade represents a 220.75% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $47.82 on Tuesday. McCormick & Company, Incorporated has a fifty-two week low of $44.82 and a fifty-two week high of $78.16. The stock has a market cap of $12.85 billion, a price-to-earnings ratio of 7.84, a price-to-earnings-growth ratio of 2.34 and a beta of 0.68. The business has a fifty day moving average of $50.91 and a 200-day moving average of $61.00. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48.

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 company had revenue of $1.87 billion during the quarter, compared to analysts' expectations of $1.79 billion. During the same period in the previous year, the firm posted $0.60 earnings per share. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, analysts predict 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 announced a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.0%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio is presently 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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