Ingalls & Snyder LLC Decreases Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

Ingalls & Snyder LLC lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 15.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,974 shares of the company’s stock after selling 900 shares during the quarter. Ingalls & Snyder LLC’s holdings in McCormick & Company, Incorporated were worth $353,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MKC. Capital Advisors Ltd. LLC grew its position in McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after acquiring an additional 175 shares during the last quarter. OFI Invest Asset Management bought a new position in McCormick & Company, Incorporated in the 2nd quarter valued at $29,000. 1620 Investment Advisors Inc. bought a new position in McCormick & Company, Incorporated in the 2nd quarter valued at $35,000. VisionPoint Advisory Group LLC bought a new position in McCormick & Company, Incorporated in the 4th quarter valued at $44,000. Finally, Hantz Financial Services Inc. bought a new position in McCormick & Company, Incorporated in the 2nd quarter valued at $67,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Up 1.3 %

Shares of MKC traded up $1.00 during midday trading on Friday, reaching $80.03. 1,902,919 shares of the stock were exchanged, compared to its average volume of 1,924,285. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $83.48. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $74.82 and its two-hundred day moving average is $72.70. The company has a market capitalization of $21.50 billion, a P/E ratio of 29.21, a PEG ratio of 4.02 and a beta of 0.75.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a $0.42 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.10%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MKC. TD Cowen cut their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their price objective for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at $14,944,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.90% of the stock is owned by 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.