Park Place Capital Corp Sells 8,888 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Park Place Capital Corp decreased its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 26.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 24,184 shares of the company's stock after selling 8,888 shares during the period. Park Place Capital Corp's holdings in McCormick & Company, Incorporated were worth $1,991,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Curio Wealth LLC purchased a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $30,000. Salem Investment Counselors Inc. lifted its holdings in McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock worth $32,000 after buying an additional 336 shares during the period. Twin Tree Management LP bought a new stake in shares of McCormick & Company, Incorporated in the 4th quarter worth approximately $33,000. Ameriflex Group Inc. purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $33,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $37,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 1.4%

MKC traded down $1.09 during trading on Friday, reaching $76.48. The stock had a trading volume of 3,714,997 shares, compared to its average volume of 2,064,253. The company has a current ratio of 0.65, a quick ratio of 0.25 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 26.28, a P/E/G ratio of 3.70 and a beta of 0.68. The stock's 50 day moving average is $74.32 and its two-hundred day moving average is $76.74. McCormick & Company, Incorporated has a one year low of $69.00 and a one year high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. McCormick & Company, Incorporated had a net margin of 11.67% and a return on equity of 14.63%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the business earned $0.69 EPS. McCormick & Company, Incorporated's quarterly revenue was up 1.0% compared to the same quarter last year. As a group, analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is 61.86%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Argus lowered McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. UBS Group started coverage on shares of McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 price objective for the company. Finally, Citigroup dropped their target price 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $84.13.

Insider Activity

In other news, Director Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $81.81, for a total value of $4,090,500.00. Following the sale, the director now directly owns 247,437 shares of the company's stock, valued at approximately $20,242,820.97. This represents a 16.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Gregory Repas sold 2,750 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total value of $223,905.00. Following the completion of the transaction, the vice president now directly owns 2,266 shares of the company's stock, valued at approximately $184,497.72. This represents a 54.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,392 shares of company stock worth $4,898,101. 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.