Kentucky Retirement Systems Sells 1,414 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Kentucky Retirement Systems trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC) by 7.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,557 shares of the company’s stock after selling 1,414 shares during the period. Kentucky Retirement Systems’ holdings in McCormick & Company, Incorporated were worth $1,445,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MKC. Point72 Asset Management L.P. grew its holdings in shares of McCormick & Company, Incorporated by 97,525.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock worth $69,256,000 after purchasing an additional 975,255 shares during the last quarter. Marshall Wace LLP acquired a new position in McCormick & Company, Incorporated in the second quarter valued at about $51,286,000. Millennium Management LLC grew its stake in McCormick & Company, Incorporated by 111.2% during the second quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after buying an additional 386,320 shares during the last quarter. Covea Finance acquired a new stake in shares of McCormick & Company, Incorporated during the third quarter worth approximately $31,740,000. Finally, E. Ohman J or Asset Management AB raised its stake in shares of McCormick & Company, Incorporated by 3,499.8% in the third quarter. E. Ohman J or Asset Management AB now owns 334,777 shares of the company’s stock valued at $27,552,000 after acquiring an additional 325,477 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Up 0.9 %

Shares of NYSE:MKC opened at $74.62 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.71 and a quick ratio of 0.32. The stock has a market cap of $20.03 billion, a price-to-earnings ratio of 25.38, a P/E/G ratio of 3.38 and a beta of 0.77. The company has a 50 day moving average of $80.13 and a 200-day moving average of $76.22. McCormick & Company, Incorporated has a one year low of $63.67 and a one year high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.15. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.87% and a return on equity of 15.30%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 EPS. On average, sell-side analysts forecast that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analyst Weigh In

MKC has been the subject of a number of recent analyst reports. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Bank of America increased their price objective on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, TD Cowen boosted their target price 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. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $79.57.

Insiders Place Their Bets

In related news, Director Jacques Tapiero sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $77.34, for a total transaction of $386,700.00. Following the transaction, the director now owns 28,217 shares of the company’s stock, valued at $2,182,302.78. This trade represents a 15.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 20,000 shares of company stock worth $1,565,850. Insiders own 22.90% of the company’s stock.

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.