McCormick & Company, Incorporated $MKC Shares Sold by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management trimmed its stake in McCormick (NYSE:MKC) by 45.1%, selling 23,915 shares and leaving 29,053 shares worth about $1.98 million.
• Invesco boosted its holding by 44.9% to 3,737,793 shares valued at approximately $283.4 million, and institutional investors now own about 79.74% of the stock.
• Company insiders sold a total of 115,000 shares (around $7.95 million) over the last quarter — including two directors who each sold 5,000 shares — leaving insiders with a 10.60% stake.

Cidel Asset Management Inc. trimmed its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 45.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,053 shares of the company's stock after selling 23,915 shares during the period. Cidel Asset Management Inc.'s holdings in McCormick & Company, Incorporated were worth $1,979,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of McCormick & Company, Incorporated by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,678 shares of the company's stock valued at $2,854,000 after acquiring an additional 925 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of McCormick & Company, Incorporated by 19.0% in the first quarter. Empowered Funds LLC now owns 5,903 shares of the company's stock worth $486,000 after acquiring an additional 941 shares in the last quarter. Woodline Partners LP lifted its stake in shares of McCormick & Company, Incorporated by 40.9% in the first quarter. Woodline Partners LP now owns 21,334 shares of the company's stock worth $1,756,000 after acquiring an additional 6,189 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in McCormick & Company, Incorporated in the second quarter valued at about $6,520,000. Finally, Invesco Ltd. grew its stake in McCormick & Company, Incorporated by 44.9% during the 2nd quarter. Invesco Ltd. now owns 3,737,793 shares of the company's stock valued at $283,399,000 after purchasing an additional 1,158,423 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $67.09, for a total transaction of $335,450.00. Following the sale, the director directly owned 31,596 shares in the company, valued at approximately $2,119,775.64. This represents a 13.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $67.92, for a total value of $339,600.00. Following the sale, the director owned 43,029 shares in the company, valued at $2,922,529.68. The trade was a 10.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 115,000 shares of company stock valued at $7,947,300 over the last quarter. Insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $48.71 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.28 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $13.07 billion, a price-to-earnings ratio of 7.98, a price-to-earnings-growth ratio of 2.40 and a beta of 0.71. McCormick & Company, Incorporated has a twelve month low of $47.52 and a twelve month high of $82.90. The business has a 50 day simple moving average of $62.15 and a 200-day simple moving average of $64.88.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.29% and a net margin of 23.12%.The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the business posted $0.60 earnings per share. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on MKC. BNP Paribas Exane dropped their price objective on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Stifel Nicolaus decreased their price target on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating for the company in a research report on Wednesday, April 1st. UBS Group cut their price target on shares of McCormick & Company, Incorporated from $67.00 to $59.00 and set a "neutral" rating on the stock in a report on Friday, March 20th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a research note on Monday, March 30th. Finally, Jefferies Financial Group decreased their price objective on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of "Hold" and a consensus price target of $64.27.

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.