CIBC Asset Management Inc Grows Position in McCormick & Company, Incorporated $MKC

CIBC Asset Management Inc boosted its stake in McCormick & Company, Incorporated (NYSE:MKC) by 59.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,630 shares of the company’s stock after purchasing an additional 24,042 shares during the quarter. CIBC Asset Management Inc’s holdings in McCormick & Company, Incorporated were worth $4,402,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MKC. PGGM Investments grew its stake in McCormick & Company, Incorporated by 10.2% during the fourth quarter. PGGM Investments now owns 746,607 shares of the company’s stock worth $50,851,000 after buying an additional 69,034 shares during the period. Nuance Investments LLC purchased a new stake in McCormick & Company, Incorporated during the third quarter worth approximately $15,388,000. WINTON GROUP Ltd grew its stake in McCormick & Company, Incorporated by 76.9% during the third quarter. WINTON GROUP Ltd now owns 37,500 shares of the company’s stock worth $2,509,000 after buying an additional 16,300 shares during the period. Envestnet Asset Management Inc. grew its stake in McCormick & Company, Incorporated by 3.5% during the third quarter. Envestnet Asset Management Inc. now owns 878,886 shares of the company’s stock worth $58,806,000 after buying an additional 29,418 shares during the period. Finally, Cibc World Market Inc. purchased a new stake in McCormick & Company, Incorporated during the third quarter worth approximately $3,819,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MKC. Zacks Research upgraded shares of McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. HSBC decreased their price objective on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. Jefferies Financial Group decreased their price objective on shares of McCormick & Company, Incorporated from $64.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen decreased their price objective on shares of McCormick & Company, Incorporated from $75.00 to $64.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Stifel Nicolaus decreased their price objective on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.36.

McCormick & Company, Incorporated Trading Up 1.5%

NYSE MKC opened at $47.31 on Friday. The company’s fifty day simple moving average is $49.48 and its 200-day simple moving average is $59.88. McCormick & Company, Incorporated has a 52 week low of $44.82 and a 52 week high of $78.16. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The stock has a market cap of $12.71 billion, a P/E ratio of 7.75, a PEG ratio of 2.32 and a beta of 0.65.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 earnings per share. Equities research analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were issued a $0.48 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 annualized dividend and a yield of 4.1%. McCormick & Company, Incorporated’s dividend payout ratio is currently 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, with a total value of $105,960.00. Following the completion of the acquisition, the director directly owned 2,906 shares of the company’s stock, valued at approximately $153,959.88. The trade was a 220.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.60% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.