Middleton & Co. Inc. MA Takes Position in McCormick & Company, Incorporated $MKC

Key Points

• Middleton & Co. opened a new position in McCormick (NYSE:MKC), buying 23,675 shares (~$1.61M) in Q4, while other large institutions (Invesco, Wellington, State Street) also materially increased holdings — about 79.74% of MKC is owned by hedge funds and institutional investors.
• McCormick reported a quarterly beat with $0.66 EPS vs. $0.61 expected and $1.87B revenue (up 16.7% YoY), has a market cap of $13.84B and P/E of 8.44, and declared a quarterly dividend of $0.48 (annualized $1.92, ~3.7% yield) with an ex-dividend date of April 20.

Middleton & Co. Inc. MA acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,675 shares of the company's stock, valued at approximately $1,613,000.

Several other institutional investors and hedge funds have also made changes to their positions in MKC. Invesco Ltd. lifted its position in shares of McCormick & Company, Incorporated by 66.7% in the third quarter. Invesco Ltd. now owns 6,232,337 shares of the company's stock valued at $417,006,000 after acquiring an additional 2,494,544 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of McCormick & Company, Incorporated by 67.2% in the third quarter. Wellington Management Group LLP now owns 2,797,533 shares of the company's stock valued at $187,183,000 after acquiring an additional 1,124,003 shares in the last quarter. State Street Corp lifted its position in shares of McCormick & Company, Incorporated by 5.1% in the third quarter. State Street Corp now owns 15,522,816 shares of the company's stock valued at $1,038,632,000 after acquiring an additional 747,844 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of McCormick & Company, Incorporated in the third quarter valued at $48,576,000. Finally, Scopus Asset Management L.P. lifted its position in shares of McCormick & Company, Incorporated by 191.0% in the third quarter. Scopus Asset Management L.P. now owns 885,250 shares of the company's stock valued at $59,232,000 after acquiring an additional 581,017 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $51.51 on Monday. The stock's 50-day moving average is $58.17 and its 200-day moving average is $63.41. The company has a market cap of $13.84 billion, a price-to-earnings ratio of 8.44, a price-to-earnings-growth ratio of 2.53 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.76 and a quick ratio of 0.36. McCormick & Company, Incorporated has a 12 month low of $47.52 and a 12 month high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the business posted $0.60 EPS. Equities analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Monday, April 20th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley acquired 2,000 shares of the business's stock in a transaction dated Friday, April 10th. The shares were bought at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the acquisition, the director directly owned 2,906 shares in the company, valued at $153,959.88. This trade represents a 220.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $67.09, for a total value of $335,450.00. Following the completion of the sale, the director owned 31,596 shares of the company's stock, valued at approximately $2,119,775.64. This trade represents a 13.66% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 65,000 shares of company stock valued at $4,575,800. 10.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Sanford C. Bernstein reduced their price objective on McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 24th. Zacks Research upgraded McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. BTIG Research assumed coverage on McCormick & Company, Incorporated in a research report on Tuesday, April 14th. They issued a "neutral" rating on the stock. TD Cowen reduced their price objective on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Finally, Barclays reduced their target price on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $64.27.

About McCormick & Company, Incorporated

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.

Want to see what other hedge funds are holding MKC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McCormick & Company, Incorporated (NYSE:MKC - Free Report).

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.