Centre Asset Management LLC Acquires Shares of 161,339 McCormick & Company, Incorporated (NYSE:MKC)

Centre Asset Management LLC bought a new position in shares of McCormick & Company, Incorporated (NYSE:MKC) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 161,339 shares of the company’s stock, valued at approximately $12,392,000. McCormick & Company, Incorporated accounts for about 3.0% of Centre Asset Management LLC’s portfolio, making the stock its 8th biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of McCormick & Company, Incorporated by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 30,235,814 shares of the company’s stock worth $2,068,734,000 after acquiring an additional 105,272 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of McCormick & Company, Incorporated by 41.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,359,068 shares of the company’s stock valued at $366,667,000 after buying an additional 1,577,636 shares in the last quarter. Northern Trust Corp increased its holdings in McCormick & Company, Incorporated by 2.8% in the 3rd quarter. Northern Trust Corp now owns 3,438,766 shares of the company’s stock worth $260,108,000 after acquiring an additional 93,034 shares in the last quarter. Norges Bank acquired a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth approximately $160,999,000. Finally, Invesco Ltd. raised its holdings in McCormick & Company, Incorporated by 15.4% in the 3rd quarter. Invesco Ltd. now owns 1,828,576 shares of the company’s stock valued at $138,313,000 after acquiring an additional 244,211 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the transaction, the director now owns 199,258 shares in the company, valued at approximately $14,695,277.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maritza Gomez Montiel sold 7,000 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the sale, the director now directly owns 5,594 shares of the company’s stock, valued at $430,738. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,458 shares of company stock worth $8,286,114. Corporate insiders own 22.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, March 27th. Barclays increased their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a report on Tuesday, April 2nd. Finally, Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.00.

McCormick & Company, Incorporated Price Performance

NYSE:MKC traded down $0.85 during trading hours on Tuesday, reaching $68.63. 2,032,513 shares of the company traded hands, compared to its average volume of 1,941,798. The stock has a market cap of $18.42 billion, a P/E ratio of 26.19, a P/E/G ratio of 3.51 and a beta of 0.74. The firm’s 50-day moving average is $72.93 and its 200-day moving average is $70.07. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $94.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, April 5th. This represents a $1.68 annualized dividend and a yield of 2.45%. McCormick & Company, Incorporated’s dividend payout ratio is presently 64.12%.

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.