McCormick & Company, Incorporated $MKC Shares Bought by Cidel Asset Management Inc.

Cidel Asset Management Inc. raised its stake in McCormick & Company, Incorporated (NYSE:MKC) by 41.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 41,138 shares of the company’s stock after buying an additional 12,085 shares during the quarter. Cidel Asset Management Inc.’s holdings in McCormick & Company, Incorporated were worth $2,075,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GoalVest Advisory LLC purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $28,000. Deseret Mutual Benefit Administrators grew its holdings in shares of McCormick & Company, Incorporated by 67.8% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock worth $28,000 after acquiring an additional 164 shares during the period. Motiv8 Investments LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter valued at approximately $28,000. Zions Bancorporation National Association UT increased its stake in McCormick & Company, Incorporated by 340.0% in the 4th quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock valued at $31,000 after purchasing an additional 357 shares in the last quarter. Finally, Union Savings Bank acquired a new position in McCormick & Company, Incorporated during the fourth quarter worth $36,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gavin Hattersley bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the purchase, the director owned 2,906 shares of the company’s stock, valued at $153,959.88. This trade represents a 220.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 10.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MKC shares. Deutsche Bank Aktiengesellschaft decreased their target price on McCormick & Company, Incorporated from $70.00 to $59.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. HSBC dropped their price target on McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating for the company in a research report on Thursday, March 26th. Zacks Research raised McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings lowered shares of McCormick & Company, Incorporated from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, June 12th. Finally, 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. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $61.90.

McCormick & Company, Incorporated Price Performance

MKC stock opened at $47.41 on Wednesday. McCormick & Company, Incorporated has a 1 year low of $44.82 and a 1 year high of $78.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76. The stock’s 50 day moving average price is $48.68 and its 200 day moving average price is $58.24. The firm has a market cap of $12.74 billion, a P/E ratio of 7.77, a PEG ratio of 2.26 and a beta of 0.65.

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

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Monday, July 6th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 31.48%.

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.