Nuveen LLC Acquires New Position in McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Nuveen LLC invested approximately $55.64 million in McCormick & Company, acquiring 676,014 shares, which represents a 0.25% ownership stake in the company.
• McCormick reported $0.69 earnings per share (EPS) for its latest quarter, surpassing the analysts' expectations of $0.65, while revenue totaled $1.66 billion.
• The company declared a quarterly dividend of $0.45 per share, yielding 2.6%, with a dividend payout ratio of 62.50%.

Nuveen LLC purchased a new position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 676,014 shares of the company's stock, valued at approximately $55,643,000. Nuveen LLC owned approximately 0.25% of McCormick & Company, Incorporated as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Select Equity Group L.P. acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $104,863,000. Balyasny Asset Management L.P. boosted its holdings in shares of McCormick & Company, Incorporated by 47.5% in 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 buying an additional 915,807 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at $47,056,000. Northern Trust Corp boosted its holdings in shares of McCormick & Company, Incorporated by 16.8% in the 4th quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock valued at $281,573,000 after buying an additional 531,060 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of McCormick & Company, Incorporated by 88.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock valued at $67,035,000 after buying an additional 412,074 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock traded down $0.51 during mid-day trading on Friday, hitting $69.68. The stock had a trading volume of 1,709,848 shares, compared to its average volume of 2,027,929. McCormick & Company, Incorporated has a fifty-two week low of $68.42 and a fifty-two week high of $86.24. The firm has a market cap of $18.70 billion, a PE ratio of 24.19, a PEG ratio of 3.35 and a beta of 0.66. 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's 50-day simple moving average is $72.69 and its 200-day simple moving average is $75.67.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its earnings results on Thursday, June 26th. The company reported $0.69 EPS 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 company 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 earned $0.69 EPS. The business's revenue was up 1.0% on a year-over-year basis. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed 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 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 62.50%.

Analysts Set New Price Targets

MKC has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Citigroup decreased 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 note on Tuesday, June 17th. UBS Group initiated 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 target for the company. Finally, Stifel Nicolaus decreased their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research note on Tuesday, July 29th. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $83.00.

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.