McCormick & Company, Incorporated $MKC Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC has reduced its stake in McCormick & Company, Incorporated by 2.4%, owning now 226,958 shares valued at approximately $17.2 million.
• The company announced a quarterly dividend of $0.45 per share, translating to an annualized yield of 2.6%, with the ex-dividend date set for October 14th.
• Wall Street analysts have downgraded their price targets for McCormick, with current average ratings showing a consensus of "Hold" and a target price of $80.29.

Janney Montgomery Scott LLC lessened its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 2.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 226,958 shares of the company's stock after selling 5,478 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.08% of McCormick & Company, Incorporated worth $17,208,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Analysts LLC acquired a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth $26,000. Zions Bancorporation National Association UT acquired a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth $28,000. Wayfinding Financial LLC acquired a new position in shares of McCormick & Company, Incorporated during the 1st quarter worth $30,000. Salem Investment Counselors Inc. raised its stake in McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after purchasing an additional 336 shares during the last quarter. Finally, Stonebridge Financial Group LLC raised its stake in McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after purchasing an additional 202 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Up 0.6%

MKC opened at $68.16 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27. The stock has a market capitalization of $18.29 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 3.37 and a beta of 0.63. The business has a 50-day moving average of $69.07 and a two-hundred day moving average of $73.02. McCormick & Company, Incorporated has a 12 month low of $63.66 and a 12 month high of $86.24.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, October 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. McCormick & Company, Incorporated's payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group cut their target price on shares of McCormick & Company, Incorporated from $79.00 to $71.00 and set a "neutral" rating for the company in a research note on Wednesday. Stifel Nicolaus cut their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research note on Tuesday, July 29th. Citigroup cut their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research note on Tuesday, June 17th. JPMorgan Chase & Co. lowered their price target on McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. Finally, Wall Street Zen cut McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus target price of $80.29.

About McCormick & Company, Incorporated

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.

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