McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by Pettee Investors Inc.

Pettee Investors Inc. trimmed its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 35.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,626 shares of the company's stock after selling 6,400 shares during the period. Pettee Investors Inc.'s holdings in McCormick & Company, Incorporated were worth $957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MKC. Norges Bank purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth $223,202,000. Select Equity Group L.P. purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth $104,863,000. Balyasny Asset Management L.P. boosted its position in shares of McCormick & Company, Incorporated by 47.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock worth $216,771,000 after purchasing an additional 915,807 shares in the last quarter. Northern Trust Corp boosted its position in shares of McCormick & Company, Incorporated by 16.8% during the 4th quarter. Northern Trust Corp now owns 3,693,239 shares of the company's stock worth $281,573,000 after purchasing 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% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock worth $67,035,000 after purchasing an additional 412,074 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group assumed coverage on shares of McCormick & Company, Incorporated in a research report on Monday, June 16th. They set a "neutral" rating and a $83.00 target price on the stock. Citigroup cut their price target on 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. Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Argus downgraded 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, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $84.13.

Insider Activity at McCormick & Company, Incorporated

In other news, insider Katherine Jenkins sold 7,642 shares of the company's stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this link. 23.80% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Price Performance

MKC stock traded up $0.43 during trading on Thursday, hitting $71.81. The stock had a trading volume of 2,041,382 shares, compared to its average volume of 2,059,729. The company's 50 day moving average price is $73.88 and its two-hundred day moving average price is $76.20. McCormick & Company, Incorporated has a 1-year low of $69.98 and a 1-year high of $86.24. The stock has a market cap of $19.27 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 3.43 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share 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 firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the company posted $0.69 EPS. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. On average, sell-side analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 21st. Stockholders 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 2.51%. The ex-dividend date is Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is currently 62.50%.

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.