Public Employees Retirement System of Ohio Has $5.96 Million Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in McCormick & Company, Incorporated by 44.2% in Q2, now owning 78,610 shares valued at $5.96 million.
• Multiple research firms have downgraded their price targets for McCormick, with UBS lowering its target from $83.00 to $79.00 and Stifel Nicolaus from $82.00 to $76.00.
• McCormick reported $0.69 EPS for the last quarter, surpassing the consensus estimate of $0.65, despite revenue slightly falling short at $1.66 billion.

Public Employees Retirement System of Ohio cut its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 44.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,610 shares of the company's stock after selling 62,367 shares during the quarter. Public Employees Retirement System of Ohio's holdings in McCormick & Company, Incorporated were worth $5,960,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Capital Analysts LLC bought a new stake in McCormick & Company, Incorporated in the 1st quarter valued at $26,000. Zions Bancorporation National Association UT acquired a new position in shares of McCormick & Company, Incorporated during the first quarter valued at about $28,000. Wayfinding Financial LLC acquired a new position in shares of McCormick & Company, Incorporated during the first quarter valued at about $30,000. Salem Investment Counselors Inc. lifted its stake in shares of McCormick & Company, Incorporated by 610.9% in the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after buying an additional 336 shares during the period. Finally, Stonebridge Financial Group LLC grew its position in McCormick & Company, Incorporated by 101.0% during the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after buying an additional 202 shares in the last quarter. 79.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on MKC. UBS Group cut their price target on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Stifel Nicolaus cut 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. Wall Street Zen cut McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. JPMorgan Chase & Co. lowered their price target on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Citigroup dropped 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 research note on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.25.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $65.61 on Monday. The firm has a market capitalization of $17.61 billion, a P/E ratio of 22.78, a P/E/G ratio of 3.26 and a beta of 0.65. The stock has a fifty day moving average price of $69.43 and a two-hundred day moving average price of $73.29. McCormick & Company, Incorporated has a 52-week low of $63.66 and a 52-week high of $86.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 EPS. As a group, analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Company 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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