McCormick & Company, Incorporated $MKC Shares Sold by Savoir Faire Capital Management L.P.

Key Points

• Savoir Faire Capital Management cut its stake in McCormick by 48.5%, selling 57,409 shares and leaving it with 60,904 shares worth $4.15M (about 2.0% of the fund and its 22nd largest holding).
• Analysts have pared price targets and the consensus rating is Hold (six Buy, eight Hold) with a $64.27 average target after multiple firms lowered forecasts.
• McCormick recently beat Q1 estimates (EPS $0.66 vs. $0.61) with revenue up 16.7% YoY, pays a $0.48 quarterly dividend (3.8% yield), and trades around $50.88 with a P/E of 8.34.

Savoir Faire Capital Management L.P. lowered its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 48.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 60,904 shares of the company's stock after selling 57,409 shares during the period. McCormick & Company, Incorporated comprises about 2.0% of Savoir Faire Capital Management L.P.'s portfolio, making the stock its 22nd largest holding. Savoir Faire Capital Management L.P.'s holdings in McCormick & Company, Incorporated were worth $4,148,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Nuance Investments LLC purchased a new position in McCormick & Company, Incorporated in the 3rd quarter valued at $15,388,000. WINTON GROUP Ltd lifted its stake in McCormick & Company, Incorporated by 76.9% in the 3rd quarter. WINTON GROUP Ltd now owns 37,500 shares of the company's stock worth $2,509,000 after purchasing an additional 16,300 shares in the last quarter. Cibc World Market Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 3rd quarter worth approximately $3,819,000. Envestnet Asset Management Inc. boosted its holdings in shares of McCormick & Company, Incorporated by 3.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 878,886 shares of the company's stock worth $58,806,000 after purchasing an additional 29,418 shares during the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of McCormick & Company, Incorporated in the third quarter valued at approximately $48,576,000. Institutional investors and hedge funds own 79.74% of the company's stock.

Wall Street Analyst Weigh In

MKC has been the topic of a number of analyst reports. BTIG Research started coverage on McCormick & Company, Incorporated in a research report on Tuesday, April 14th. They set a "neutral" rating on the stock. BNP Paribas Exane reduced their price target 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. Deutsche Bank Aktiengesellschaft lowered their price target on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a research report on Monday, March 30th. Jefferies Financial Group cut 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 research report on Wednesday, April 1st. Finally, Stifel Nicolaus reduced their target price on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research note on Wednesday, April 1st. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Trading Up 0.7%

Shares of McCormick & Company, Incorporated stock opened at $50.88 on Friday. The stock has a 50 day moving average of $56.64 and a 200 day moving average of $63.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76. The firm has a market capitalization of $13.67 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 2.48 and a beta of 0.71. McCormick & Company, Incorporated has a fifty-two week low of $47.52 and a fifty-two week high of $78.16.

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

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated's payout ratio is 31.48%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Jacques Tapiero sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $67.09, for a total transaction of $335,450.00. Following the completion of the sale, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gavin Hattersley purchased 2,000 shares of McCormick & Company, Incorporated stock in a transaction dated Friday, April 10th. The stock was bought 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 in the company, valued at approximately $153,959.88. This trade represents a 220.75% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders sold 65,000 shares of company stock worth $4,575,800. 10.60% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated 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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