Bank of Nova Scotia Sells 81,818 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Bank of Nova Scotia reduced its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 68.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,248 shares of the company's stock after selling 81,818 shares during the quarter. Bank of Nova Scotia's holdings in McCormick & Company, Incorporated were worth $2,916,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Wellington Management Group LLP increased its position in McCormick & Company, Incorporated by 21.7% during the 3rd quarter. Wellington Management Group LLP now owns 139,728 shares of the company's stock valued at $11,500,000 after purchasing an additional 24,881 shares during the period. Somerville Kurt F raised its stake in McCormick & Company, Incorporated by 34.2% in the fourth quarter. Somerville Kurt F now owns 96,074 shares of the company's stock worth $7,325,000 after buying an additional 24,467 shares in the last quarter. DJE Kapital AG purchased a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $4,228,000. SBI Securities Co. Ltd. bought a new stake in McCormick & Company, Incorporated during the 4th quarter valued at approximately $234,000. Finally, Asset Management One Co. Ltd. grew its holdings in shares of McCormick & Company, Incorporated by 16.6% during the 4th quarter. Asset Management One Co. Ltd. now owns 136,891 shares of the company's stock worth $10,547,000 after acquiring an additional 19,491 shares during the period. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Up 2.4 %

MKC stock traded up $1.75 during trading on Friday, hitting $75.29. 2,652,839 shares of the stock traded hands, compared to its average volume of 1,959,102. The stock has a market cap of $20.19 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 3.76 and a beta of 0.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.74 and a quick ratio of 0.31. McCormick & Company, Incorporated has a 1 year low of $66.88 and a 1 year high of $86.24. The firm's 50 day moving average is $79.37 and its two-hundred day moving average is $78.15.

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

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Monday, April 7th. McCormick & Company, Incorporated's payout ratio is 61.86%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MKC. Argus cut McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research note on Thursday, March 27th. TD Cowen upgraded shares of McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and increased their price target for the stock from $86.00 to $90.00 in a research note on Wednesday, January 8th. JPMorgan Chase & Co. boosted their price objective on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an "underweight" rating in a research note on Friday, January 24th. Finally, Barclays decreased their target price 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 analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, McCormick & Company, Incorporated has an average rating of "Hold" and a consensus target price of $83.14.

Insider Transactions at McCormick & Company, Incorporated

In related news, VP Gregory Repas sold 2,750 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the sale, the vice president now directly owns 2,266 shares of the company's stock, valued at $184,497.72. This trade represents a 54.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Margaret M. V. Preston sold 28,092 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $77.03, for a total value of $2,163,926.76. Following the completion of the transaction, the director now directly owns 6,177 shares of the company's stock, valued at approximately $475,814.31. This trade represents a 81.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,842 shares of company stock worth $6,478,332 over the last quarter. 23.80% of the stock is currently owned by insiders.

McCormick & Company, Incorporated Company Profile

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.