Principal Financial Group Inc. raised its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 8.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 308,903 shares of the company's stock after buying an additional 25,278 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of McCormick & Company, Incorporated worth $25,423,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. boosted its stake in McCormick & Company, Incorporated by 50.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 98,216 shares of the company's stock worth $6,967,000 after purchasing an additional 33,113 shares during the period. HB Wealth Management LLC acquired a new position in shares of McCormick & Company, Incorporated during the second quarter worth about $331,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of McCormick & Company, Incorporated by 3.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 102,966 shares of the company's stock worth $7,304,000 after buying an additional 3,787 shares in the last quarter. Tobam raised its position in McCormick & Company, Incorporated by 87.9% in the 2nd quarter. Tobam now owns 33,621 shares of the company's stock valued at $2,385,000 after buying an additional 15,729 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in McCormick & Company, Incorporated by 1.4% in the 2nd quarter. UMB Bank n.a. now owns 19,958 shares of the company's stock valued at $1,416,000 after acquiring an additional 270 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.
McCormick & Company, Incorporated Stock Performance
NYSE:MKC traded down $0.10 during mid-day trading on Wednesday, hitting $78.03. The stock had a trading volume of 538,495 shares, compared to its average volume of 1,892,908. McCormick & Company, Incorporated has a twelve month low of $63.88 and a twelve month high of $85.49. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 3.44 and a beta of 0.75. The company's 50 day simple moving average is $78.20 and its 200 day simple moving average is $77.26. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71.
McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the company earned $0.65 earnings per share. The business's revenue for the quarter was down .3% compared to the same quarter last year. On average, equities research analysts forecast that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.
McCormick & Company, Incorporated Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.31%. This is a boost from McCormick & Company, Incorporated's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, December 30th. McCormick & Company, Incorporated's payout ratio is 61.22%.
Insider Buying and Selling at McCormick & Company, Incorporated
In other news, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $78.33, for a total transaction of $391,650.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 20,000 shares of company stock worth $1,565,850 over the last ninety days. Insiders own 22.90% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the stock. BNP Paribas raised shares of McCormick & Company, Incorporated to a "strong-buy" rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised shares of McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and raised their target price for the company from $85.00 to $91.00 in a research report on Monday, December 9th. Stifel Nicolaus boosted their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. TD Cowen increased their price objective on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a "hold" rating in a research note on Wednesday, October 2nd. Finally, Bank of America lifted their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $81.00.
View Our Latest Stock Analysis on McCormick & Company, Incorporated
About McCormick & Company, Incorporated
(
Free Report)
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.
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