ProShare Advisors LLC Decreases Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• ProShare Advisors LLC trimmed its McCormick stake by 1.2% in the fourth quarter, selling 28,768 shares and ending with 2.36 million shares valued at about $160.8 million.
• McCormick reported stronger-than-expected quarterly results, with EPS of $0.66 versus $0.61 expected and revenue of $1.87 billion versus $1.79 billion expected, while revenue rose 16.7% year over year.
• The company continues to reward shareholders with a dividend, paying a quarterly $0.48 per share dividend that annualizes to $1.92 and yields about 4.1%, while analysts currently have a consensus “Hold” rating and a $64.27 price target.

ProShare Advisors LLC lowered its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,360,803 shares of the company's stock after selling 28,768 shares during the period. ProShare Advisors LLC owned approximately 0.88% of McCormick & Company, Incorporated worth $160,794,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Rafferty Asset Management LLC increased its holdings in shares of McCormick & Company, Incorporated by 0.7% in the third quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company's stock worth $1,443,000 after buying an additional 157 shares during the period. Ransom Advisory Ltd grew its stake in shares of McCormick & Company, Incorporated by 3.6% in the fourth quarter. Ransom Advisory Ltd now owns 4,625 shares of the company's stock worth $315,000 after purchasing an additional 160 shares during the last quarter. First Affirmative Financial Network grew its stake in shares of McCormick & Company, Incorporated by 3.0% in the third quarter. First Affirmative Financial Network now owns 6,252 shares of the company's stock worth $418,000 after purchasing an additional 181 shares during the last quarter. Modern Wealth Management LLC grew its stake in shares of McCormick & Company, Incorporated by 5.9% in the second quarter. Modern Wealth Management LLC now owns 3,258 shares of the company's stock worth $247,000 after purchasing an additional 181 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in shares of McCormick & Company, Incorporated by 1.2% in the fourth quarter. Crossmark Global Holdings Inc. now owns 15,653 shares of the company's stock worth $1,066,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $46.72 on Tuesday. The stock's 50 day simple moving average is $52.37 and its two-hundred day simple moving average is $61.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 2.27 and a beta of 0.68. McCormick & Company, Incorporated has a fifty-two week low of $44.82 and a fifty-two week high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. As a group, analysts expect that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Shareholders of record on Monday, April 20th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, April 20th. McCormick & Company, Incorporated's payout ratio is presently 31.48%.

Insiders Place Their Bets

In other news, Director Gavin Hattersley acquired 2,000 shares of the business's stock in a transaction on Friday, April 10th. The shares were acquired at an average cost of $52.98 per share, with a total value of $105,960.00. Following the transaction, the director owned 2,906 shares in the company, valued at $153,959.88. The trade was a 220.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 10.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Stifel Nicolaus cut their target price on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research note on Wednesday, April 1st. Barclays cut their target price on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 31st. BTIG Research assumed coverage on McCormick & Company, Incorporated in a research note on Tuesday, April 14th. They issued a "neutral" rating on the stock. TD Cowen cut their target price on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Finally, HSBC cut their target price on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research note on Thursday, March 26th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated NYSE: MKC is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick's product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.

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