McCormick & Company, Incorporated $MKC Shares Sold by Hemenway Trust Co LLC

Key Points

• Hemenway Trust cut its stake in McCormick by 43.3% in Q4, selling 109,557 shares and ending the quarter with 143,567 shares worth $9.78 million (about 0.05% of the company).
• Q-quarter earnings beat: McCormick reported EPS of $0.66 vs. $0.61 expected and revenue of $1.87 billion (up 16.7% year-over-year, vs. $1.79 billion expected).
• The stock opened at $48.48 (52-week range $47.30–$78.16), pays a quarterly dividend of $0.48 for a 4.0% yield, and carries an average analyst rating of “Hold” with a $64.27 target.

Hemenway Trust Co LLC decreased its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 43.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,567 shares of the company's stock after selling 109,557 shares during the quarter. Hemenway Trust Co LLC owned 0.05% of McCormick & Company, Incorporated worth $9,778,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MKC. Nuance Investments LLC acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter worth approximately $15,388,000. WINTON GROUP Ltd grew its position 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 worth $2,509,000 after buying an additional 16,300 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter worth approximately $3,819,000. Envestnet Asset Management Inc. grew its position 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 worth $58,806,000 after buying an additional 29,418 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter worth approximately $48,576,000. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of MKC opened at $48.48 on Wednesday. The business's fifty day moving average price is $56.24 and its 200 day moving average price is $62.86. McCormick & Company, Incorporated has a 12-month low of $47.30 and a 12-month high of $78.16. The stock has a market capitalization of $13.03 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 2.35 and a beta of 0.68. 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 (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. 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 analysts' expectations of $1.79 billion. During the same period last year, the business posted $0.60 earnings per share. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts forecast that McCormick & Company, Incorporated will post 3.09 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, April 20th. This represents a $1.92 annualized dividend and a yield of 4.0%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 31.48%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. BNP Paribas Exane decreased their price target on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. Weiss Ratings reissued a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research report on Monday, April 27th. Sanford C. Bernstein decreased their price target on shares of McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating for the company in a research report on Tuesday, March 24th. Jefferies Financial Group decreased their price target on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. Finally, 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. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $64.27.

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 shares were 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jacques Tapiero sold 5,000 shares of the firm's stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $67.09, for a total value of $335,450.00. Following the transaction, the director owned 31,596 shares in the company, valued at $2,119,775.64. This trade represents a 13.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 60,000 shares of company stock valued at $4,256,550. Company insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Company 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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