M&T Bank Corp Decreases Stake in McCormick & Company, Incorporated (NYSE:MKC)

M&T Bank Corp reduced its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 12.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 81,403 shares of the company's stock after selling 11,715 shares during the quarter. M&T Bank Corp's holdings in McCormick & Company, Incorporated were worth $6,699,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MKC. Proficio Capital Partners LLC purchased a new position in McCormick & Company, Incorporated during the 4th quarter worth approximately $10,102,000. AlphaQuest LLC purchased a new position in McCormick & Company, Incorporated during the 4th quarter worth approximately $298,000. Daiwa Securities Group Inc. raised its position in McCormick & Company, Incorporated by 7.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 35,513 shares of the company's stock worth $2,708,000 after buying an additional 2,393 shares during the last quarter. Johnson Investment Counsel Inc. raised its position in McCormick & Company, Incorporated by 1.7% during the 4th quarter. Johnson Investment Counsel Inc. now owns 28,159 shares of the company's stock worth $2,147,000 after buying an additional 478 shares during the last quarter. Finally, Sage Mountain Advisors LLC raised its position in McCormick & Company, Incorporated by 10.6% during the 4th quarter. Sage Mountain Advisors LLC now owns 2,774 shares of the company's stock worth $211,000 after buying an additional 266 shares during the last quarter. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock traded down $0.52 during trading on Friday, reaching $71.92. The company had a trading volume of 1,857,648 shares, compared to its average volume of 2,070,461. The firm's 50-day simple moving average is $74.10 and its 200 day simple moving average is $76.32. McCormick & Company, Incorporated has a 1-year low of $69.98 and a 1-year high of $86.24. The firm has a market capitalization of $19.30 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 3.46 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter last year, the company earned $0.69 EPS. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, equities research analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be issued a $0.45 dividend. The ex-dividend date is Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.50%. McCormick & Company, Incorporated's payout ratio is currently 62.50%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Argus lowered shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Citigroup reduced their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. UBS Group started coverage on shares of McCormick & Company, Incorporated in a research note on Monday, June 16th. They set a "neutral" rating and a $83.00 price objective on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $84.13.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $76.38, for a total value of $583,695.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 23.80% of the company's stock.

McCormick & Company, Incorporated Company 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.