Ramsay Stattman Vela & Price Inc. Reduces Stock Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Ramsay Stattman Vela & Price Inc. reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 5.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 63,532 shares of the company’s stock after selling 3,593 shares during the quarter. Ramsay Stattman Vela & Price Inc.’s holdings in McCormick & Company, Incorporated were worth $4,507,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Capital Advisors Ltd. LLC increased its holdings in McCormick & Company, Incorporated by 87.5% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares during the last quarter. OFI Invest Asset Management purchased a new stake in McCormick & Company, Incorporated during the 2nd quarter worth approximately $29,000. 1620 Investment Advisors Inc. purchased a new stake in McCormick & Company, Incorporated during the 2nd quarter worth approximately $35,000. VisionPoint Advisory Group LLC purchased a new stake in McCormick & Company, Incorporated during the 4th quarter worth approximately $44,000. Finally, Hantz Financial Services Inc. purchased a new stake in McCormick & Company, Incorporated during the 2nd quarter worth approximately $67,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC traded up $1.00 during midday trading on Friday, reaching $80.03. 1,902,919 shares of the company traded hands, compared to its average volume of 1,402,673. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $83.48. The firm has a market capitalization of $21.50 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 4.12 and a beta of 0.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The company has a fifty day moving average price of $74.82 and a 200 day moving average price of $72.75.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $0.60 EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. On average, analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 22.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MKC. TD Cowen decreased their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $76.25.

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.