Cullen Investment Group LTD. Invests $5.73 Million in McCormick & Company, Incorporated (NYSE:MKC)

Cullen Investment Group LTD. purchased a new position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 83,712 shares of the company's stock, valued at approximately $5,728,000. McCormick & Company, Incorporated makes up approximately 1.0% of Cullen Investment Group LTD.'s portfolio, making the stock its 26th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of MKC. Wellington Management Group LLP boosted its holdings in McCormick & Company, Incorporated by 64.6% during the 3rd quarter. Wellington Management Group LLP now owns 108,623 shares of the company's stock worth $8,216,000 after acquiring an additional 42,625 shares during the last quarter. Jacobs & Co. CA boosted its holdings in McCormick & Company, Incorporated by 12.7% during the 4th quarter. Jacobs & Co. CA now owns 142,949 shares of the company's stock worth $9,780,000 after acquiring an additional 16,098 shares during the last quarter. Fenimore Asset Management Inc. boosted its holdings in McCormick & Company, Incorporated by 369.2% during the 4th quarter. Fenimore Asset Management Inc. now owns 695,031 shares of the company's stock worth $47,554,000 after acquiring an additional 546,911 shares during the last quarter. Howland Capital Management LLC raised its stake in shares of McCormick & Company, Incorporated by 11.4% during the 4th quarter. Howland Capital Management LLC now owns 275,703 shares of the company's stock worth $18,979,000 after purchasing an additional 28,149 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of McCormick & Company, Incorporated by 8.1% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 179,009 shares of the company's stock worth $13,540,000 after purchasing an additional 13,440 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MKC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an "underweight" rating on the stock in a research note on Friday, January 26th. Stifel Nicolaus lifted their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday, March 27th. Citigroup lifted their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a "sell" rating in a research note on Wednesday, March 27th. Consumer Edge cut McCormick & Company, Incorporated from an "overweight" rating to an "equal weight" rating in a research note on Monday, January 22nd. Finally, Argus upgraded McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and set a $88.00 price objective on the stock in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $77.88.

McCormick & Company, Incorporated Price Performance

Shares of MKC traded up $0.15 during midday trading on Monday, hitting $71.91. 1,910,041 shares of the company traded hands, compared to its average volume of 2,120,362. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $94.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30. The firm has a market cap of $19.30 billion, a P/E ratio of 27.39, a PEG ratio of 3.68 and a beta of 0.74. The stock has a 50-day moving average of $69.96 and a 200-day moving average of $67.49.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. McCormick & Company, Incorporated's revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Monday, April 8th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, April 5th. McCormick & Company, Incorporated's payout ratio is 64.12%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Maritza Gomez Montiel sold 7,000 shares of the business's stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $77.00, for a total transaction of $539,000.00. Following the completion of the transaction, the director now owns 5,594 shares of the company's stock, valued at $430,738. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other McCormick & Company, Incorporated news, Director Maritza Gomez Montiel sold 7,000 shares of the company's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now owns 5,594 shares of the company's stock, valued at $430,738. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael D. Mangan sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the completion of the sale, the director now directly owns 39,181 shares of the company's stock, valued at approximately $2,554,601.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,000 shares of company stock valued at $2,376,400. 22.90% of the stock is owned by corporate insiders.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.