McCormick & Company, Incorporated $MKC Shares Sold by National Pension Service

Key Points

• National Pension Service sharply reduced its McCormick stake, selling 418,092 shares in the fourth quarter and cutting its position by 97.8% to 9,330 shares valued at about $635,000.
• Several analysts lowered price targets on MKC, and the stock now carries a consensus Hold rating with an average target price of $63.55.
• McCormick reported better-than-expected quarterly results, with EPS of $0.66 and revenue of $1.87 billion, while director Gavin Hattersley also made an insider purchase of 2,000 shares.

National Pension Service lessened its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 97.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,330 shares of the company's stock after selling 418,092 shares during the quarter. National Pension Service's holdings in McCormick & Company, Incorporated were worth $635,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. SBI Okasan Asset Management Co.Ltd. purchased a new stake in McCormick & Company, Incorporated during the 4th quarter valued at about $830,000. EagleClaw Capital Managment LLC grew its stake in McCormick & Company, Incorporated by 5.3% during the 4th quarter. EagleClaw Capital Managment LLC now owns 38,195 shares of the company's stock valued at $2,601,000 after purchasing an additional 1,925 shares during the last quarter. Connecticut Capital Management Group LLC purchased a new stake in McCormick & Company, Incorporated during the 4th quarter valued at about $250,000. Geode Capital Management LLC grew its stake in McCormick & Company, Incorporated by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 6,508,928 shares of the company's stock valued at $441,571,000 after purchasing an additional 59,587 shares during the last quarter. Finally, PGGM Investments grew its stake in McCormick & Company, Incorporated by 10.2% during the 4th quarter. PGGM Investments now owns 746,607 shares of the company's stock valued at $50,851,000 after purchasing an additional 69,034 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

MKC has been the topic of several research analyst reports. HSBC dropped their price target on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research note on Thursday, March 26th. BNP Paribas Exane dropped their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group dropped their price target on McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. JPMorgan Chase & Co. dropped their price target on McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Finally, TD Cowen dropped their price target on 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. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $63.55.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Friday, April 10th. The stock was bought at an average price of $52.98 per share, with a total value of $105,960.00. Following the acquisition, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 10.60% of the stock is owned by insiders.

McCormick & Company, Incorporated Stock Down 0.6%

Shares of MKC opened at $46.28 on Wednesday. McCormick & Company, Incorporated has a 52 week low of $44.82 and a 52 week 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 company has a market capitalization of $12.44 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 2.28 and a beta of 0.65. The stock's 50-day moving average price is $49.97 and its 200-day moving average price is $60.38.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.66 EPS 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 firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the prior year, the business earned $0.60 earnings per share. The company's revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were paid a $0.48 dividend. The ex-dividend date was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.1%. McCormick & Company, Incorporated's dividend payout ratio is presently 31.48%.

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.

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.