OLD Republic International Corp Makes New $5.86 Million Investment in McCormick & Company, Incorporated $MKC

Key Points

• OLD Republic International Corp opened a new position in McCormick & Company during the fourth quarter, buying 86,000 shares valued at about $5.86 million.
• McCormick reported stronger-than-expected quarterly results, with EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion versus $1.79 billion forecast, while revenue rose 16.7% year over year.
• The company also paid a quarterly dividend of $0.48 per share, equal to a 4.0% annualized yield, though analysts have been trimming price targets and the stock currently carries a consensus Hold rating.

OLD Republic International Corp bought a new position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 86,000 shares of the company's stock, valued at approximately $5,857,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Rafferty Asset Management LLC increased its stake in McCormick & Company, Incorporated by 0.7% in the third quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company's stock worth $1,443,000 after purchasing an additional 157 shares during the period. Ransom Advisory Ltd increased its stake in McCormick & Company, Incorporated by 3.6% in the fourth quarter. Ransom Advisory Ltd now owns 4,625 shares of the company's stock worth $315,000 after purchasing an additional 160 shares during the period. First Affirmative Financial Network increased its stake in McCormick & Company, Incorporated by 3.0% in the third quarter. First Affirmative Financial Network now owns 6,252 shares of the company's stock worth $418,000 after purchasing an additional 181 shares during the period. Modern Wealth Management LLC increased its stake in McCormick & Company, Incorporated by 5.9% in the second quarter. Modern Wealth Management LLC now owns 3,258 shares of the company's stock worth $247,000 after purchasing an additional 181 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in McCormick & Company, Incorporated by 1.2% in the fourth quarter. Crossmark Global Holdings Inc. now owns 15,653 shares of the company's stock worth $1,066,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors own 79.74% of the company's stock.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley purchased 2,000 shares of the business's stock in a transaction dated Friday, April 10th. The shares were purchased at an average price of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the purchase, the director owned 2,906 shares in the company, valued at approximately $153,959.88. This represents a 220.75% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of McCormick & Company, Incorporated stock opened at $47.82 on Friday. The firm has a market cap of $12.85 billion, a P/E ratio of 7.84, a P/E/G ratio of 2.34 and a beta of 0.68. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a 12 month low of $44.82 and a 12 month high of $78.16. The stock's fifty day moving average price is $51.10 and its 200-day moving average price is $61.14.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities research analysts expect that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, April 20th. This represents a $1.92 annualized dividend and a dividend yield of 4.0%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is currently 31.48%.

Analysts Set New Price Targets

MKC has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their target price on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research note on Wednesday, April 1st. UBS Group reduced their target price on McCormick & Company, Incorporated from $67.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, March 20th. Jefferies Financial Group reduced their target price on McCormick & Company, Incorporated from $81.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. JPMorgan Chase & Co. cut their price target on McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Finally, TD Cowen cut their price target on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of "Hold" and a consensus price target of $64.27.

McCormick & Company, Incorporated Profile

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.