Sienna Gestion Sells 10,620 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Key Points

• Sienna Gestion reduced its stake in McCormick & Company, selling 10,620 shares to own 83,635 shares after the transaction, worth approximately $6.69 million at the end of the quarter.
• Analysts have varied opinions on McCormick, with one sell rating, six holds, three buys, and one strong buy, resulting in an average rating of "Hold" and a consensus target price of $83.00.
• McCormick recently declared a quarterly dividend of $0.45 per share, translating to a 2.5% dividend yield and a payout ratio of 62.5%.

Sienna Gestion decreased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 11.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,635 shares of the company's stock after selling 10,620 shares during the period. Sienna Gestion's holdings in McCormick & Company, Incorporated were worth $6,692,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Zions Bancorporation National Association UT bought a new position in McCormick & Company, Incorporated in the first quarter valued at $28,000. Wayfinding Financial LLC bought a new position in McCormick & Company, Incorporated in the first quarter valued at $30,000. Salem Investment Counselors Inc. grew its position in 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 purchasing an additional 336 shares in the last quarter. Ameriflex Group Inc. bought a new position in McCormick & Company, Incorporated in the fourth quarter valued at $33,000. Finally, Stonebridge Financial Group LLC grew its position in McCormick & Company, Incorporated by 101.0% in the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after purchasing an additional 202 shares in the last quarter. Institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MKC shares. Citigroup decreased their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. UBS Group started coverage on shares of McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 target price on the stock. Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Stifel Nicolaus dropped their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of "Hold" and a consensus target price of $83.00.

McCormick & Company, Incorporated Trading Up 2.2%

MKC opened at $70.64 on Thursday. McCormick & Company, Incorporated has a 1-year low of $68.42 and a 1-year 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. The company has a market cap of $18.96 billion, a P/E ratio of 24.53, a price-to-earnings-growth ratio of 3.32 and a beta of 0.66. The company has a fifty day moving average price of $72.84 and a two-hundred day moving average price of $75.77.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted 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. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The business's revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.69 earnings per share. Analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were issued a dividend of $0.45 per share. The ex-dividend date was Monday, July 7th. This represents a $1.80 annualized dividend and a yield of 2.5%. McCormick & Company, Incorporated's payout ratio is 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.

Want to see what other hedge funds are holding MKC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McCormick & Company, Incorporated (NYSE:MKC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.