Mizuho Securities USA LLC Lowers Position in McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Mizuho Securities USA LLC reduced its holdings in McCormick & Company by 15.4% during the first quarter, owning 20,219 shares valued at approximately $1.66 million.
• The company reported earnings of $0.69 per share, exceeding estimates, while quarterly revenue reached $1.66 billion, slightly below expectations.
• McCormick recently announced a quarterly dividend of $0.45 per share, providing a dividend yield of 2.6% with a payout ratio of 62.50%.

Mizuho Securities USA LLC trimmed its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 15.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,219 shares of the company's stock after selling 3,683 shares during the quarter. Mizuho Securities USA LLC's holdings in McCormick & Company, Incorporated were worth $1,664,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Benjamin Edwards Inc. raised its stake in shares of McCormick & Company, Incorporated by 18.1% during the 1st quarter. Benjamin Edwards Inc. now owns 547,773 shares of the company's stock valued at $45,087,000 after purchasing an additional 83,936 shares during the period. Zions Bancorporation National Association UT bought a new position in McCormick & Company, Incorporated in the 1st quarter worth about $28,000. Townsquare Capital LLC increased its stake in McCormick & Company, Incorporated by 4.5% in the 1st quarter. Townsquare Capital LLC now owns 82,337 shares of the company's stock worth $6,777,000 after acquiring an additional 3,523 shares during the last quarter. Forsta AP Fonden increased its stake in McCormick & Company, Incorporated by 12.6% in the 1st quarter. Forsta AP Fonden now owns 83,000 shares of the company's stock worth $6,832,000 after acquiring an additional 9,300 shares during the last quarter. Finally, NS Partners Ltd increased its stake in McCormick & Company, Incorporated by 1.1% in the 1st quarter. NS Partners Ltd now owns 257,585 shares of the company's stock worth $21,202,000 after acquiring an additional 2,883 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

McCormick & Company, Incorporated Trading Down 0.3%

McCormick & Company, Incorporated stock traded down $0.20 during trading hours on Friday, reaching $69.99. The company had a trading volume of 739,215 shares, compared to its average volume of 2,285,593. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27. The company has a 50-day moving average price of $72.79 and a 200 day moving average price of $75.72. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 3.40 and a beta of 0.66. McCormick & Company, Incorporated has a 12-month low of $68.42 and a 12-month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data 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 return on equity of 14.43% and a net margin of 11.50%. The business had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter last year, the business posted $0.69 EPS. The business's revenue was up 1.0% on a year-over-year basis. Equities analysts forecast 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. Stockholders of record on Monday, July 7th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 62.50%.

McCormick & Company, Incorporated Profile

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.