Prosperity Consulting Group LLC Has $2.80 Million Stake in McCormick & Company, Incorporated (NYSE:MKC)

Prosperity Consulting Group LLC trimmed its stake in McCormick & Company, Incorporated (NYSE:MKC) by 25.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,406 shares of the company’s stock after selling 13,162 shares during the period. Prosperity Consulting Group LLC’s holdings in McCormick & Company, Incorporated were worth $2,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MKC. Thoroughbred Financial Services LLC lifted its holdings in shares of McCormick & Company, Incorporated by 72.6% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 9,058 shares of the company’s stock worth $642,000 after acquiring an additional 3,810 shares during the period. Meeder Advisory Services Inc. lifted its holdings in shares of McCormick & Company, Incorporated by 10.5% during the 2nd quarter. Meeder Advisory Services Inc. now owns 3,915 shares of the company’s stock worth $278,000 after acquiring an additional 371 shares during the period. Nuance Investments LLC lifted its holdings in shares of McCormick & Company, Incorporated by 10.5% during the 2nd quarter. Nuance Investments LLC now owns 1,052,220 shares of the company’s stock worth $74,644,000 after acquiring an additional 99,741 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in McCormick & Company, Incorporated by 0.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 25,425 shares of the company’s stock valued at $1,804,000 after purchasing an additional 206 shares during the last quarter. Finally, Vest Financial LLC lifted its holdings in McCormick & Company, Incorporated by 3.3% during the 2nd quarter. Vest Financial LLC now owns 587,269 shares of the company’s stock valued at $41,661,000 after purchasing an additional 18,824 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the transaction, the director now owns 199,258 shares in the company, valued at $14,944,350. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 22.90% of the company’s stock.

Analysts Set New Price Targets

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

McCormick & Company, Incorporated Stock Performance

Shares of NYSE:MKC opened at $83.76 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $84.50. The stock has a market capitalization of $22.50 billion, a P/E ratio of 30.57, a P/E/G ratio of 4.26 and a beta of 0.76. The business has a 50-day moving average price of $77.38 and a two-hundred day moving average price of $73.80.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. McCormick & Company, Incorporated’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. Equities analysts predict that McCormick & Company, Incorporated will post 2.85 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, July 22nd. Shareholders of record on Monday, July 8th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is 61.31%.

McCormick & Company, Incorporated Profile

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.