Miracle Mile Advisors LLC Purchases New Stake in McCormick & Company, Incorporated (NYSE:MKC)

Miracle Mile Advisors LLC purchased a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 10,932 shares of the company's stock, valued at approximately $833,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MKC. Janney Montgomery Scott LLC acquired a new position in shares of McCormick & Company, Incorporated during the third quarter worth $20,227,000. Hemenway Trust Co LLC increased its stake in McCormick & Company, Incorporated by 71.5% in the third quarter. Hemenway Trust Co LLC now owns 140,362 shares of the company's stock valued at $11,552,000 after purchasing an additional 58,511 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in McCormick & Company, Incorporated by 57.6% during the third quarter. Oppenheimer & Co. Inc. now owns 40,077 shares of the company's stock worth $3,298,000 after purchasing an additional 14,652 shares in the last quarter. Wellington Management Group LLP raised its holdings in McCormick & Company, Incorporated by 21.7% during the third quarter. Wellington Management Group LLP now owns 139,728 shares of the company's stock worth $11,500,000 after purchasing an additional 24,881 shares in the last quarter. Finally, Qsemble Capital Management LP purchased a new stake in shares of McCormick & Company, Incorporated during the 3rd quarter worth approximately $1,104,000. Hedge funds and other institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

MKC traded up $1.87 on Thursday, hitting $73.65. 1,290,820 shares of the company traded hands, compared to its average volume of 1,861,702. The company has a 50 day moving average of $76.96 and a 200-day moving average of $77.86. McCormick & Company, Incorporated has a 12-month low of $63.88 and a 12-month high of $85.49. The stock has a market capitalization of $19.76 billion, a PE ratio of 25.05, a PEG ratio of 3.07 and a beta of 0.75. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61.

McCormick & Company, Incorporated Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, December 30th. This is an increase from McCormick & Company, Incorporated's previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 2.44%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is currently 61.22%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America increased their target price on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. 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 raised their price target for the stock from $86.00 to $90.00 in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their price objective on McCormick & Company, Incorporated from $68.00 to $66.00 and set an "underweight" rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of "Moderate Buy" and an average price target of $82.63.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Jacques Tapiero sold 5,000 shares of the firm's stock in a transaction on Monday, November 4th. The shares were sold at an average price of $78.33, for a total value of $391,650.00. Following the completion of the sale, the director now owns 28,217 shares in the company, valued at approximately $2,210,237.61. This trade represents a 15.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 20,000 shares of company stock worth $1,565,850 in the last three months. Insiders own 22.90% of the company's stock.

McCormick & Company, Incorporated 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.