McCormick & Company, Incorporated (NYSE:MKC) Shares Sold by Prudential PLC

Key Points

• Prudential PLC has reduced its stock position in McCormick & Company by 4.6% in the first quarter, now holding 77,384 shares valued at approximately $6.37 million.
• McCormick & Company announced a quarterly dividend of $0.45 per share, resulting in a 2.5% dividend yield and a payout ratio of 62.50%.
• Analysts have set a consensus price target of $83.00 for McCormick & Company, with mixed ratings including one strong buy and several hold ratings.

Prudential PLC decreased its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,384 shares of the company's stock after selling 3,697 shares during the quarter. Prudential PLC's holdings in McCormick & Company, Incorporated were worth $6,369,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MKC. Sterling Capital Management LLC boosted its position in shares of McCormick & Company, Incorporated by 55.5% in the 4th quarter. Sterling Capital Management LLC now owns 14,931 shares of the company's stock worth $1,138,000 after purchasing an additional 5,326 shares in the last quarter. XTX Topco Ltd purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth $253,000. Savoir Faire Capital Management L.P. raised its stake in McCormick & Company, Incorporated by 34.6% in the 4th quarter. Savoir Faire Capital Management L.P. now owns 51,599 shares of the company's stock worth $3,934,000 after acquiring an additional 13,258 shares during the last quarter. Zacks Investment Management raised its stake in McCormick & Company, Incorporated by 1,703.0% in the 4th quarter. Zacks Investment Management now owns 49,294 shares of the company's stock worth $3,758,000 after acquiring an additional 46,560 shares during the last quarter. Finally, Foster Dykema Cabot & Partners LLC raised its stake in McCormick & Company, Incorporated by 14,885.7% in the 4th quarter. Foster Dykema Cabot & Partners LLC now owns 1,049 shares of the company's stock worth $80,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC traded down $0.51 during trading on Friday, reaching $69.68. 1,709,848 shares of the company traded hands, compared to its average volume of 2,027,929. The firm's fifty day simple moving average is $72.69 and its 200 day simple moving average is $75.67. The stock has a market cap of $18.70 billion, a P/E ratio of 24.19, a PEG ratio of 3.37 and a beta of 0.66. McCormick & Company, Incorporated has a 12-month low of $68.42 and a 12-month high of $86.24. 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 (NYSE:MKC - Get Free Report) last announced its quarterly 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 return on equity of 14.43% and a net margin of 11.50%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the business earned $0.69 EPS. McCormick & Company, Incorporated's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

MKC has been the subject of a number of research analyst reports. Citigroup reduced their target price 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 upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group initiated coverage on McCormick & Company, Incorporated in a research note on Monday, June 16th. They issued a "neutral" rating and a $83.00 target price for the company. Finally, Stifel Nicolaus reduced their target price on 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. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $83.00.

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.