Resona Asset Management Co. Ltd. Purchases 7,360 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in McCormick & Company by 7.6%, acquiring an additional 7,360 shares, bringing its total stake to 104,323 shares valued at $8,555,000.
• McCormick's stock recently traded down by 0.7% to $69.68, with a market capitalization of $18.70 billion and a dividend yield of 2.6%.
• The company reported earnings per share of $0.69 for the last quarter, surpassing analysts' expectations, while its revenue was slightly below consensus estimates at $1.66 billion.

Resona Asset Management Co. Ltd. boosted its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 7.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,323 shares of the company's stock after acquiring an additional 7,360 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in McCormick & Company, Incorporated were worth $8,555,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. EagleClaw Capital Managment LLC boosted its stake in shares of McCormick & Company, Incorporated by 0.4% in the 1st quarter. EagleClaw Capital Managment LLC now owns 36,670 shares of the company's stock valued at $3,018,000 after purchasing an additional 135 shares during the last quarter. Sage Capital Advisors llc boosted its stake in shares of McCormick & Company, Incorporated by 2.8% in the 1st quarter. Sage Capital Advisors llc now owns 5,017 shares of the company's stock valued at $413,000 after purchasing an additional 137 shares during the last quarter. ST Germain D J Co. Inc. boosted its stake in shares of McCormick & Company, Incorporated by 1.8% in the 1st quarter. ST Germain D J Co. Inc. now owns 7,810 shares of the company's stock valued at $643,000 after purchasing an additional 140 shares during the last quarter. Miracle Mile Advisors LLC raised its position in shares of McCormick & Company, Incorporated by 1.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 11,078 shares of the company's stock valued at $912,000 after acquiring an additional 146 shares during the period. Finally, Signal Advisors Wealth LLC raised its position in shares of McCormick & Company, Incorporated by 3.5% in the 1st quarter. Signal Advisors Wealth LLC now owns 4,802 shares of the company's stock valued at $395,000 after acquiring an additional 163 shares during the period. Institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Down 0.7%

Shares of NYSE MKC traded down $0.51 during midday trading on Friday, reaching $69.68. The company's stock had a trading volume of 1,709,848 shares, compared to its average volume of 2,027,929. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. McCormick & Company, Incorporated has a fifty-two week low of $68.42 and a fifty-two week high of $86.24. The stock has a market capitalization of $18.70 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 3.35 and a beta of 0.66. The stock has a 50 day simple moving average of $72.69 and a 200-day simple moving average of $75.67.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the company earned $0.69 earnings per share. The firm's revenue was up 1.0% compared to the same quarter last year. Equities research analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is currently 62.50%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research report on Tuesday, July 29th. Citigroup dropped their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, June 17th. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Finally, UBS Group assumed coverage on shares of McCormick & Company, Incorporated in a report on Monday, June 16th. They set a "neutral" rating and a $83.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of "Hold" and a consensus target price of $83.00.

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.