PGGM Investments Makes New Investment in McCormick & Company, Incorporated $MKC

Key Points

• PGGM Investments has acquired a new position in McCormick & Company, purchasing 280,065 shares valued at approximately $21.23 million.
• Several institutional investors have adjusted their stakes in McCormick, with 79.74% of the stock currently owned by institutional investors.
• McCormick recently declared a quarterly dividend of $0.45 per share, leading to an annualized dividend of $1.80 and a yield of 2.7%.

PGGM Investments acquired a new position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 280,065 shares of the company's stock, valued at approximately $21,235,000. PGGM Investments owned approximately 0.10% of McCormick & Company, Incorporated at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MKC. Two Sigma Investments LP bought a new position in McCormick & Company, Incorporated in the 4th quarter worth $1,518,000. Wellington Management Group LLP increased its stake in shares of McCormick & Company, Incorporated by 8.4% in the 4th quarter. Wellington Management Group LLP now owns 151,523 shares of the company's stock worth $11,552,000 after acquiring an additional 11,795 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of McCormick & Company, Incorporated by 943.8% in the 1st quarter. Versant Capital Management Inc now owns 1,096 shares of the company's stock worth $90,000 after acquiring an additional 991 shares in the last quarter. Rhumbline Advisers increased its stake in shares of McCormick & Company, Incorporated by 9.9% in the 1st quarter. Rhumbline Advisers now owns 509,627 shares of the company's stock worth $41,947,000 after acquiring an additional 45,756 shares in the last quarter. Finally, Czech National Bank increased its stake in shares of McCormick & Company, Incorporated by 6.1% in the 1st quarter. Czech National Bank now owns 57,999 shares of the company's stock worth $4,774,000 after acquiring an additional 3,319 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MKC shares. Jefferies Financial Group decreased their price target on shares of McCormick & Company, Incorporated from $90.00 to $84.00 and set a "buy" rating for the company in a research note on Monday, September 22nd. Citigroup decreased their price target on shares of 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. JPMorgan Chase & Co. decreased their price target on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating for the company in a research note on Thursday, September 25th. Stifel Nicolaus decreased their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research note on Tuesday, July 29th. Finally, UBS Group reduced their price objective on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $83.25.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $66.92 on Wednesday. The company has a 50 day moving average price of $69.23 and a 200-day moving average price of $73.15. McCormick & Company, Incorporated has a 52 week low of $63.66 and a 52 week high of $86.24. The firm has a market capitalization of $17.96 billion, a PE ratio of 23.24, a P/E/G ratio of 3.32 and a beta of 0.65. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Tuesday, October 14th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. McCormick & Company, Incorporated's dividend payout ratio is presently 62.50%.

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.

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