Corient Private Wealth LLC Boosts Stake in McCormick & Company, Incorporated (NYSE:MKC)

Corient Private Wealth LLC lifted its position in McCormick & Company, Incorporated (NYSE:MKC) by 14.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 677,195 shares of the company’s stock after purchasing an additional 85,242 shares during the quarter. Corient Private Wealth LLC’s holdings in McCormick & Company, Incorporated were worth $46,334,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of McCormick & Company, Incorporated by 64.6% in the 3rd quarter. Wellington Management Group LLP now owns 108,623 shares of the company’s stock valued at $8,216,000 after acquiring an additional 42,625 shares during the last quarter. Cullen Investment Group LTD. bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at approximately $5,728,000. International Assets Investment Management LLC raised its position in McCormick & Company, Incorporated by 7,344.4% during the 4th quarter. International Assets Investment Management LLC now owns 116,132 shares of the company’s stock valued at $7,946,000 after purchasing an additional 114,572 shares during the last quarter. abrdn plc raised its position in shares of McCormick & Company, Incorporated by 19.1% in the 4th quarter. abrdn plc now owns 443,332 shares of the company’s stock worth $30,333,000 after acquiring an additional 71,133 shares in the last quarter. Finally, Jacobs & Co. CA raised its position in shares of McCormick & Company, Incorporated by 12.7% in the 4th quarter. Jacobs & Co. CA now owns 142,949 shares of the company’s stock worth $9,780,000 after acquiring an additional 16,098 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MKC shares. Stifel Nicolaus increased their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a report on Friday, January 26th. Citigroup lifted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a report on Wednesday, March 27th. Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a report on Tuesday, April 2nd. Finally, Barclays lifted their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.88.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 2,732 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $75.91, for a total transaction of $207,386.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other McCormick & Company, Incorporated news, Director Patricia A. Little sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $75.57, for a total transaction of $1,511,400.00. Following the sale, the director now directly owns 24,732 shares in the company, valued at $1,868,997.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Katherine Jenkins sold 2,732 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $75.91, for a total value of $207,386.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,458 shares of company stock worth $2,386,114. Corporate insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC traded down $0.08 during mid-day trading on Wednesday, hitting $73.92. 141,734 shares of the company traded hands, compared to its average volume of 1,932,000. The stock’s fifty day moving average price is $73.99 and its 200-day moving average price is $69.43. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $94.39. The company has a quick ratio of 0.30, a current ratio of 0.68 and a debt-to-equity ratio of 0.63. The firm has a market cap of $19.84 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 3.81 and a beta of 0.73.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the business earned $0.59 earnings per share. The business’s revenue was up 2.4% on a year-over-year basis. Research analysts anticipate that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, April 5th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.27%. McCormick & Company, Incorporated’s dividend payout ratio is currently 64.12%.

McCormick & Company, Incorporated Company 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.