Covea Finance Decreases Stock Position in McCormick & Company, Incorporated (NYSE:MKC)

Covea Finance cut its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 16.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 323,610 shares of the company's stock after selling 62,050 shares during the period. Covea Finance owned about 0.12% of McCormick & Company, Incorporated worth $24,672,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MKC. American Century Companies Inc. boosted its position in shares of McCormick & Company, Incorporated by 98.0% in the 2nd quarter. American Century Companies Inc. now owns 46,543 shares of the company's stock valued at $3,302,000 after purchasing an additional 23,033 shares during the period. Oppenheimer & Co. Inc. lifted its stake in McCormick & Company, Incorporated by 0.8% in the second quarter. Oppenheimer & Co. Inc. now owns 25,425 shares of the company's stock valued at $1,804,000 after buying an additional 206 shares during the last quarter. J.W. Cole Advisors Inc. boosted its holdings in shares of McCormick & Company, Incorporated by 16.1% in the second quarter. J.W. Cole Advisors Inc. now owns 10,615 shares of the company's stock valued at $753,000 after acquiring an additional 1,473 shares during the period. Savoir Faire Capital Management L.P. acquired a new stake in shares of McCormick & Company, Incorporated in the second quarter valued at approximately $3,819,000. Finally, Moors & Cabot Inc. purchased a new position in shares of McCormick & Company, Incorporated during the second quarter worth approximately $238,000. Institutional investors and hedge funds own 79.74% of the company's stock.

Analysts Set New Price Targets

MKC has been the subject of several research reports. Jefferies Financial Group upgraded shares of McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and increased their price target for the stock from $85.00 to $91.00 in a research note on Monday, December 9th. BNP Paribas raised McCormick & Company, Incorporated to a "strong-buy" rating in a report on Wednesday, October 2nd. TD Cowen upgraded McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and boosted their price target for the company from $86.00 to $90.00 in a research report on Wednesday, January 8th. Bank of America increased their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. dropped their target price on McCormick & Company, Incorporated from $68.00 to $66.00 and set an "underweight" rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $82.63.

Insiders Place Their Bets

In other news, Director Michael D. Mangan sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $78.50, for a total transaction of $392,500.00. Following the sale, the director now owns 40,436 shares of the company's stock, valued at $3,174,226. The trade was a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have sold 20,000 shares of company stock worth $1,565,850. Corporate insiders own 22.90% of the company's stock.

McCormick & Company, Incorporated Price Performance

Shares of MKC traded down $0.16 during mid-day trading on Wednesday, hitting $71.73. The company's stock had a trading volume of 2,345,967 shares, compared to its average volume of 1,925,141. 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 has a 1-year low of $63.88 and a 1-year high of $85.49. The firm has a market capitalization of $19.25 billion, a P/E ratio of 24.40, a P/E/G ratio of 3.44 and a beta of 0.75. The firm has a 50-day simple moving average of $77.05 and a 200 day simple moving average of $77.90.

McCormick & Company, Incorporated Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were issued a $0.45 dividend. The ex-dividend date was Monday, December 30th. This represents a $1.80 dividend on an annualized basis and a yield of 2.51%. This is an increase from McCormick & Company, Incorporated's previous quarterly dividend of $0.42. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 61.22%.

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.