Franklin Resources Inc. Cuts Stock Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Franklin Resources Inc. cut its stake in McCormick & Company, Incorporated (NYSE:MKC) by 20.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,880,041 shares of the company’s stock after selling 1,005,881 shares during the period. Franklin Resources Inc.’s holdings in McCormick & Company, Incorporated were worth $314,477,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in shares of McCormick & Company, Incorporated in the 3rd quarter valued at approximately $28,000. Capital Advisors Ltd. LLC lifted its position in shares of McCormick & Company, Incorporated by 87.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of McCormick & Company, Incorporated during the second quarter worth $29,000. Kennebec Savings Bank purchased a new position in McCormick & Company, Incorporated in the third quarter valued at $40,000. Finally, 1620 Investment Advisors Inc. purchased a new position in McCormick & Company, Incorporated in the second quarter valued at $35,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Jacques Tapiero sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $78.33, for a total transaction of $391,650.00. Following the transaction, the director now owns 28,217 shares in the company, valued at approximately $2,210,237.61. The trade was a 15.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 20,000 shares of company stock worth $1,565,850 over the last 90 days. Company insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

Shares of MKC opened at $80.56 on Friday. The company’s 50 day simple moving average is $78.37 and its 200-day simple moving average is $76.76. McCormick & Company, Incorporated has a 12-month low of $63.88 and a 12-month high of $85.49. The firm has a market cap of $21.62 billion, a PE ratio of 27.40, a price-to-earnings-growth ratio of 3.48 and a beta of 0.75. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the business earned $0.65 EPS. The firm’s revenue was down .3% compared to the same quarter last year. As a group, equities analysts predict that McCormick & Company, Incorporated will post 2.92 EPS for the current year.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Monday, December 30th. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 57.14%.

Analyst Ratings Changes

A number of analysts have issued reports on MKC shares. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $91.00 in a research note on Monday, December 9th. Bank of America upped their price target on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus raised their price objective on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Finally, TD Cowen upped their target price on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $81.00.

McCormick & Company, Incorporated Company Profile

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.