Allstate Corp Takes $575,000 Position in McCormick & Company, Incorporated (NYSE:MKC)

Allstate Corp bought a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,545 shares of the company's stock, valued at approximately $575,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MKC. Bridgewater Associates LP purchased a new stake in McCormick & Company, Incorporated during the 3rd quarter worth approximately $348,000. Public Sector Pension Investment Board increased its holdings in McCormick & Company, Incorporated by 13.4% in the third quarter. Public Sector Pension Investment Board now owns 11,019 shares of the company's stock valued at $907,000 after buying an additional 1,300 shares in the last quarter. Paloma Partners Management Co acquired a new position in McCormick & Company, Incorporated in the 3rd quarter worth about $418,000. Ascent Group LLC raised its stake in shares of McCormick & Company, Incorporated by 23.8% during the 3rd quarter. Ascent Group LLC now owns 5,192 shares of the company's stock worth $427,000 after buying an additional 998 shares during the period. Finally, Centiva Capital LP purchased a new position in McCormick & Company, Incorporated during the third quarter valued at $559,000. Hedge funds and other institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Down 0.7 %

McCormick & Company, Incorporated stock traded down $0.60 during mid-day trading on Thursday, hitting $80.69. The company had a trading volume of 4,776,239 shares, compared to its average volume of 1,902,414. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.68. McCormick & Company, Incorporated has a 1 year low of $66.88 and a 1 year high of $86.24. The business has a fifty day moving average of $79.76 and a 200 day moving average of $78.81. The stock has a market cap of $21.64 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 3.76 and a beta of 0.71.

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McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.04). The firm had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.61 billion. McCormick & Company, Incorporated had a net margin of 11.73% and a return on equity of 14.89%. The firm's revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. On average, sell-side analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a $0.45 dividend. The ex-dividend date is Monday, April 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.23%. McCormick & Company, Incorporated's payout ratio is 61.86%.

Wall Street Analysts Forecast Growth

MKC has been the topic of several research reports. TD Cowen raised McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and lifted their price target for the stock from $86.00 to $90.00 in a research note on Wednesday, January 8th. JPMorgan Chase & Co. raised their price objective on McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an "underweight" rating in a research report on Friday, January 24th. Jefferies Financial Group upgraded shares of McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and lifted their target price for the company from $85.00 to $91.00 in a report on Monday, December 9th. Argus downgraded McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. Finally, Barclays dropped their price target on shares of McCormick & Company, Incorporated from $85.00 to $82.00 and set an "equal weight" rating for the company in a research note on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $83.14.

Insiders Place Their Bets

In other news, Director Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $81.81, for a total transaction of $4,090,500.00. Following the completion of the transaction, the director now directly owns 247,437 shares of the company's stock, valued at approximately $20,242,820.97. This represents a 16.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Margaret M. V. Preston sold 28,092 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $77.03, for a total value of $2,163,926.76. Following the completion of the sale, the director now owns 6,177 shares in the company, valued at approximately $475,814.31. This trade represents a 81.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.80% of the stock is owned by insiders.

About McCormick & Company, Incorporated

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.