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

Oak Thistle LLC bought a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 27,032 shares of the company's stock, valued at approximately $2,225,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MKC. Norges Bank bought a new stake in McCormick & Company, Incorporated in the fourth quarter valued at about $223,202,000. Select Equity Group L.P. bought a new stake in 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 fourth quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock worth $216,771,000 after buying an additional 915,807 shares during the last quarter. Northern Trust Corp grew its stake in McCormick & Company, Incorporated by 16.8% during the fourth quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock worth $281,573,000 after buying an additional 531,060 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its stake in McCormick & Company, Incorporated by 88.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock worth $67,035,000 after buying an additional 412,074 shares during the last quarter. Institutional investors own 79.74% of the company's stock.

Insiders Place Their Bets

In related 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 document filed with the SEC, which can be accessed through this link. 23.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MKC has been the topic of several research analyst 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. Citigroup decreased their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 17th. Finally, 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 objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $84.13.

McCormick & Company, Incorporated Price Performance

Shares of MKC traded up $0.17 during mid-day trading on Friday, hitting $71.62. 1,974,295 shares of the company traded hands, compared to its average volume of 2,201,190. McCormick & Company, Incorporated has a one year low of $69.98 and a one year high of $86.24. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average of $73.37 and a 200 day moving average of $76.02. The stock has a market capitalization of $19.22 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 3.44 and a beta 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 EPS for the quarter, beating 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 business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the prior year, the firm earned $0.69 earnings per share. McCormick & Company, Incorporated's revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were issued a $0.45 dividend. The ex-dividend date was Monday, July 7th. This represents a $1.80 annualized dividend and a yield of 2.51%. McCormick & Company, Incorporated's dividend payout ratio is currently 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.