Pacific Point Advisors LLC Makes New Investment in McCormick & Company, Incorporated (NYSE:MKC)

Pacific Point Advisors LLC purchased a new position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 17,581 shares of the company's stock, valued at approximately $1,352,000. McCormick & Company, Incorporated accounts for approximately 0.8% of Pacific Point Advisors LLC's portfolio, making the stock its 26th largest position.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in McCormick & Company, Incorporated during the 4th quarter worth about $223,202,000. Select Equity Group L.P. bought a new stake in shares of McCormick & Company, Incorporated during the fourth quarter valued at about $104,863,000. Balyasny Asset Management L.P. increased its position in shares of 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 valued at $216,771,000 after buying an additional 915,807 shares during the period. Northern Trust Corp lifted its holdings in shares of McCormick & Company, Incorporated by 16.8% in 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 in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of McCormick & Company, Incorporated by 88.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock valued at $67,035,000 after acquiring an additional 412,074 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Argus cut shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, McCormick & Company, Incorporated has an average rating of "Hold" and a consensus price target of $83.14.

McCormick & Company, Incorporated Price Performance

Shares of MKC traded down $0.13 during trading hours on Wednesday, reaching $71.67. 664,309 shares of the company's stock traded hands, compared to its average volume of 2,029,771. The firm's 50 day simple moving average is $76.01 and its 200-day simple moving average is $77.22. The stock has a market cap of $19.22 billion, a PE ratio of 24.46, a price-to-earnings-growth ratio of 3.76 and a beta of 0.74. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68. McCormick & Company, Incorporated has a 12 month low of $66.88 and a 12 month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.04). McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The company had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter last year, the business posted $0.63 EPS. The business's quarterly revenue was up .2% compared to the same quarter last year. Equities analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were given a $0.45 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.51%. McCormick & Company, Incorporated's payout ratio is 61.86%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 7,642 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $76.38, for a total transaction of $583,695.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Gregory Repas sold 2,750 shares of the company's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $81.42, for a total transaction of $223,905.00. Following the completion of the sale, the vice president now directly owns 2,266 shares of the company's stock, valued at $184,497.72. This trade represents a 54.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,392 shares of company stock worth $4,898,101 in the last quarter. 23.80% of the stock is owned by insiders.

About McCormick & Company, Incorporated

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.