McCormick & Company, Incorporated $MKC Shares Sold by Howland Capital Management LLC

Key Points

• Howland Capital Management reduced its stake in McCormick by 21.1% in the fourth quarter, selling 64,032 shares and leaving it with 239,007 shares valued at about $16.4 million.
• McCormick reported better-than-expected quarterly results, with EPS of $0.66 versus the $0.61 consensus and revenue of $1.87 billion, up 16.7% year over year.
• The company also paid a quarterly dividend of $0.48 per share, implying a 3.9% annualized yield, while analysts currently rate the stock a consensus Hold with an average price target of $63.27.

Howland Capital Management LLC lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 21.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 239,007 shares of the company's stock after selling 64,032 shares during the quarter. Howland Capital Management LLC owned approximately 0.09% of McCormick & Company, Incorporated worth $16,393,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its position in McCormick & Company, Incorporated by 66.7% during the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company's stock valued at $417,006,000 after acquiring an additional 2,494,544 shares during the period. Wellington Management Group LLP grew its stake in McCormick & Company, Incorporated by 67.2% in the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company's stock worth $187,183,000 after purchasing an additional 1,124,003 shares in the last quarter. Norges Bank bought a new stake in McCormick & Company, Incorporated during the fourth quarter valued at $62,711,000. State Street Corp raised its holdings in shares of McCormick & Company, Incorporated by 5.1% during the third quarter. State Street Corp now owns 15,522,816 shares of the company's stock worth $1,038,632,000 after purchasing an additional 747,844 shares during the period. Finally, American Century Companies Inc. bought a new position in shares of McCormick & Company, Incorporated in the 3rd quarter worth about $48,576,000. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of McCormick & Company, Incorporated stock opened at $48.95 on Friday. McCormick & Company, Incorporated has a 12 month low of $44.82 and a 12 month high of $78.16. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The stock has a market cap of $13.15 billion, a PE ratio of 8.02, a price-to-earnings-growth ratio of 2.43 and a beta of 0.65. The business has a fifty day simple moving average of $49.22 and a 200-day simple moving average of $59.27.

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, topping analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the business posted $0.60 earnings per share. McCormick & Company, Incorporated's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is currently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley acquired 2,000 shares of the company's stock in a transaction dated Friday, April 10th. The shares were acquired 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 approximately $153,959.88. This trade represents a 220.75% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 10.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MKC shares. Weiss Ratings restated a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research note on Monday, April 27th. TD Cowen lowered their target price on shares of McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Zacks Research upgraded shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating for the company in a report on Monday, March 30th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of McCormick & Company, Incorporated from $64.00 to $63.00 and set an "overweight" rating on the stock in a research note on Friday. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $63.27.

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.

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