Allianz Asset Management GmbH Reduces Position in McCormick & Company, Incorporated (NYSE:MKC)

Allianz Asset Management GmbH decreased its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 42.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,497 shares of the company's stock after selling 15,092 shares during the period. Allianz Asset Management GmbH's holdings in McCormick & Company, Incorporated were worth $1,687,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Select Equity Group L.P. purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth about $104,863,000. Balyasny Asset Management L.P. grew its stake in McCormick & Company, Incorporated by 47.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock valued at $216,771,000 after acquiring an additional 915,807 shares in the last quarter. Northern Trust Corp grew its stake in McCormick & Company, Incorporated by 16.8% during the 4th quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock valued at $281,573,000 after acquiring an additional 531,060 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in McCormick & Company, Incorporated by 88.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock valued at $67,035,000 after acquiring an additional 412,074 shares in the last quarter. Finally, Invesco Ltd. grew its stake in McCormick & Company, Incorporated by 17.6% during the 4th quarter. Invesco Ltd. now owns 2,641,812 shares of the company's stock valued at $201,412,000 after acquiring an additional 396,214 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $76.38, for a total value of $583,695.96. The sale was disclosed in a filing with the SEC, which is available through this link. 23.80% of the stock is currently owned by insiders.

McCormick & Company, Incorporated Stock Down 0.5%

MKC traded down $0.33 during trading hours on Friday, hitting $70.30. 1,401,903 shares of the company's stock were exchanged, compared to its average volume of 2,092,515. McCormick & Company, Incorporated has a 12-month low of $69.84 and a 12-month high of $86.24. The firm has a 50 day moving average of $73.24 and a 200 day moving average of $75.97. The firm has a market cap of $18.87 billion, a P/E ratio of 24.41, a price-to-earnings-growth ratio of 3.40 and a beta of 0.68. 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 (NYSE:MKC - Get Free Report) last announced its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the firm earned $0.69 EPS. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. Analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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

Analyst Upgrades and Downgrades

MKC has been the subject of several research reports. Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group assumed coverage on shares of McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 target price on the stock. Citigroup decreased 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. Finally, Stifel Nicolaus decreased their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock currently 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.