Elmwood Wealth Management Inc. Lowers Stake in McCormick & Company, Incorporated (NYSE:MKC)

Elmwood Wealth Management Inc. lowered its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 1.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,278 shares of the company’s stock after selling 175 shares during the period. Elmwood Wealth Management Inc.’s holdings in McCormick & Company, Incorporated were worth $860,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MKC. Capital Performance Advisors LLP purchased a new stake in McCormick & Company, Incorporated during the third quarter worth $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of McCormick & Company, Incorporated during the 2nd quarter valued at $39,000. Kennebec Savings Bank purchased a new stake in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $40,000. Friedenthal Financial purchased a new stake in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $49,000. Finally, Sanctuary Wealth Management L.L.C. purchased a new stake in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $50,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insiders Place Their Bets

In other news, Director Jacques Tapiero sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $78.33, for a total transaction of $391,650.00. Following the sale, the director now directly owns 28,217 shares in the company, valued at $2,210,237.61. This trade represents a 15.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 20,000 shares of company stock valued at $1,565,850. Company insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

MKC traded down $0.11 during midday trading on Monday, hitting $71.28. 2,099,198 shares of the company were exchanged, compared to its average volume of 1,644,470. The company’s 50 day simple moving average is $77.33 and its 200 day simple moving average is $77.89. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 3.44 and a beta of 0.75. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61. McCormick & Company, Incorporated has a 1-year low of $63.88 and a 1-year high of $85.49.

McCormick & Company, Incorporated Increases Dividend

The business also recently declared 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 is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 2.53%. The ex-dividend date is Monday, December 30th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.22%.

Wall Street Analysts Forecast Growth

MKC has been the subject of several analyst reports. Bank of America increased their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their target price for the company from $85.00 to $91.00 in a research report on Monday, December 9th. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. TD Cowen raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and upped their target price for the company from $86.00 to $90.00 in a research report on Wednesday, January 8th. Finally, Stifel Nicolaus upped their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

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.