Pettee Investors Inc. Sells 6,400 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Pettee Investors Inc. trimmed its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 35.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,626 shares of the company's stock after selling 6,400 shares during the quarter. Pettee Investors Inc.'s holdings in McCormick & Company, Incorporated were worth $957,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new stake in McCormick & Company, Incorporated during the 1st quarter worth approximately $30,000. Salem Investment Counselors Inc. raised its position in shares of McCormick & Company, Incorporated by 610.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after purchasing an additional 336 shares during the period. Twin Tree Management LP bought a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $33,000. Ameriflex Group Inc. purchased a new position in shares of McCormick & Company, Incorporated during the 4th quarter valued at $33,000. Finally, Stonebridge Financial Group LLC boosted its holdings in McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after buying an additional 202 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Price Performance

MKC traded down $0.29 during trading hours on Friday, hitting $71.43. The company's stock had a trading volume of 1,422,943 shares, compared to its average volume of 2,060,233. The stock has a market cap of $19.17 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 3.43 and a beta of 0.68. The business's 50-day moving average price is $73.69 and its 200-day moving average price is $76.14. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. McCormick & Company, Incorporated has a 12 month low of $69.98 and a 12 month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The company's revenue for the quarter was up 1.0% on a year-over-year basis. During the same period last year, the company earned $0.69 EPS. Sell-side analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal 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 given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.52%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 62.50%.

Insider Activity

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 value of $583,695.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 23.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Argus cut McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Citigroup cut their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. UBS Group initiated coverage on shares of McCormick & Company, Incorporated in a research report on Monday, June 16th. They set a "neutral" rating and a $83.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of "Hold" and a consensus price target of $84.13.

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.