Profit Investment Management LLC Lowers Stake in McCormick & Company, Incorporated (NYSE:MKC)

Profit Investment Management LLC lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 4.4% during the 4th quarter, Holdings Channel reports. The fund owned 9,643 shares of the company’s stock after selling 449 shares during the period. Profit Investment Management LLC’s holdings in McCormick & Company, Incorporated were worth $735,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its position in McCormick & Company, Incorporated by 12.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,652 shares of the company’s stock valued at $583,000 after purchasing an additional 851 shares in the last quarter. Rockingstone Advisors LLC raised its holdings in McCormick & Company, Incorporated by 1.9% in the fourth quarter. Rockingstone Advisors LLC now owns 32,572 shares of the company’s stock worth $2,483,000 after purchasing an additional 597 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of McCormick & Company, Incorporated by 32.6% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 14,927 shares of the company’s stock valued at $1,138,000 after buying an additional 3,671 shares during the last quarter. Kathmere Capital Management LLC boosted its holdings in shares of McCormick & Company, Incorporated by 12.6% in the 4th quarter. Kathmere Capital Management LLC now owns 5,313 shares of the company’s stock valued at $405,000 after buying an additional 596 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of McCormick & Company, Incorporated by 146.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 48,298 shares of the company’s stock worth $3,682,000 after buying an additional 28,736 shares during the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Performance

Shares of MKC opened at $73.65 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71. The stock has a 50-day moving average of $76.96 and a two-hundred day moving average of $77.86. The stock has a market cap of $19.76 billion, a P/E ratio of 25.05, a P/E/G ratio of 3.07 and a beta of 0.75. McCormick & Company, Incorporated has a one year low of $63.88 and a one year high of $85.49.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.45 per share. This is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, December 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.44%. McCormick & Company, Incorporated’s payout ratio is 61.22%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $78.50, for a total transaction of $392,500.00. Following the completion of the transaction, the director now directly owns 40,436 shares of the company’s stock, valued at approximately $3,174,226. This trade represents a 11.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 20,000 shares of company stock worth $1,565,850 over the last quarter. Insiders own 22.90% of the company’s stock.

Analyst Upgrades and Downgrades

MKC has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of McCormick & Company, Incorporated from $68.00 to $66.00 and set an “underweight” rating for the company in a research report on Wednesday. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. TD Cowen upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their target price for the stock from $86.00 to $90.00 in a research note on Wednesday, January 8th. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and increased their price target for the company from $85.00 to $91.00 in a research note on Monday, December 9th. Finally, Stifel Nicolaus raised their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of “Moderate Buy” and an average price target of $82.63.

About McCormick & Company, Incorporated

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.