Van Cleef Asset Management Inc Decreases Stake in McCormick & Company, Incorporated $MKC

Key Points

• Van Cleef Asset Management cut its McCormick stake by 8.4% in the fourth quarter, selling 26,213 shares and ending with 284,756 shares worth about $19.4 million.
• Analysts are mixed on McCormick: the stock has a Hold consensus rating, with six Buy ratings and eight Hold ratings, and a consensus price target of $64.27.
• McCormick reported stronger-than-expected quarterly results, with EPS of $0.66 and revenue of $1.87 billion, while also paying a $0.48 quarterly dividend that annualizes to a 4.0% yield.

Van Cleef Asset Management Inc reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 8.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 284,756 shares of the company's stock after selling 26,213 shares during the period. McCormick & Company, Incorporated makes up about 2.0% of Van Cleef Asset Management Inc's holdings, making the stock its 14th largest position. Van Cleef Asset Management Inc owned about 0.11% of McCormick & Company, Incorporated worth $19,395,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Rafferty Asset Management LLC boosted its position in shares of McCormick & Company, Incorporated by 0.7% during the 3rd quarter. Rafferty Asset Management LLC now owns 21,563 shares of the company's stock worth $1,443,000 after purchasing an additional 157 shares in the last quarter. Ransom Advisory Ltd grew its stake in McCormick & Company, Incorporated by 3.6% in the 4th quarter. Ransom Advisory Ltd now owns 4,625 shares of the company's stock valued at $315,000 after acquiring an additional 160 shares during the last quarter. First Affirmative Financial Network grew its stake in McCormick & Company, Incorporated by 3.0% in the 3rd quarter. First Affirmative Financial Network now owns 6,252 shares of the company's stock valued at $418,000 after acquiring an additional 181 shares during the last quarter. Modern Wealth Management LLC grew its stake in McCormick & Company, Incorporated by 5.9% in the 2nd quarter. Modern Wealth Management LLC now owns 3,258 shares of the company's stock valued at $247,000 after acquiring an additional 181 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in McCormick & Company, Incorporated by 1.2% in the 4th quarter. Crossmark Global Holdings Inc. now owns 15,653 shares of the company's stock valued at $1,066,000 after acquiring an additional 184 shares during the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on MKC. Weiss Ratings reissued a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research note on Monday, April 27th. JPMorgan Chase & Co. lowered their price objective on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a research note on Monday, March 30th. BTIG Research began coverage on shares of McCormick & Company, Incorporated in a research note on Tuesday, April 14th. They issued a "neutral" rating on the stock. Finally, HSBC lowered their price objective on shares of 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 equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Price Performance

NYSE:MKC opened at $47.82 on Monday. The firm has a market cap of $12.85 billion, a price-to-earnings ratio of 7.84, a price-to-earnings-growth ratio of 2.34 and a beta of 0.68. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The company's 50-day moving average is $51.10 and its two-hundred day moving average is $61.12. McCormick & Company, Incorporated has a 12-month low of $44.82 and a 12-month high of $78.16.

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

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 27th. Shareholders of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated's dividend payout ratio is 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Gavin Hattersley bought 2,000 shares of McCormick & Company, Incorporated stock in a transaction on Friday, April 10th. The shares were bought at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the acquisition, the director owned 2,906 shares in the company, valued at approximately $153,959.88. This trade represents a 220.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 10.60% of the company's stock.

About McCormick & Company, Incorporated

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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