Conning Inc. increased its stake in MCCORMICK & CO /SH NV (NYSE:MKC) by 3.9% in the 1st quarter, HoldingsChannel reports. The firm owned 2,688 shares of the company’s stock after buying an additional 100 shares during the quarter. Conning Inc.’s holdings in MCCORMICK & CO /SH were worth $405,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC purchased a new position in shares of MCCORMICK & CO /SH in the fourth quarter valued at $26,000. Winthrop Partners WNY LLC purchased a new position in shares of MCCORMICK & CO /SH in the fourth quarter valued at $28,000. JNBA Financial Advisors purchased a new position in shares of MCCORMICK & CO /SH in the fourth quarter valued at $28,000. Winslow Evans & Crocker Inc. purchased a new position in shares of MCCORMICK & CO /SH in the first quarter valued at $36,000. Finally, Financial Advantage Inc. purchased a new position in shares of MCCORMICK & CO /SH in the fourth quarter valued at $41,000. Institutional investors own 80.35% of the company’s stock.
In other news, major shareholder Alan D. Wilson sold 90,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $140.00, for a total value of $12,600,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael R. Smith sold 9,200 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $154.49, for a total value of $1,421,308.00. Following the completion of the transaction, the vice president now owns 30,553 shares of the company’s stock, valued at $4,720,132.97. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,600 shares of company stock valued at $28,628,076. 11.00% of the stock is owned by company insiders.
MCCORMICK & CO /SH (NYSE:MKC) last posted its earnings results on Tuesday, March 26th. The company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.06. MCCORMICK & CO /SH had a return on equity of 21.41% and a net margin of 12.19%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business earned $1.00 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis. As a group, equities research analysts predict that MCCORMICK & CO /SH NV will post 5.27 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Friday, April 5th. MCCORMICK & CO /SH’s payout ratio is 45.88%.
MKC has been the subject of several recent research reports. Jefferies Financial Group reiterated a “buy” rating and issued a $150.00 price target on shares of MCCORMICK & CO /SH in a research report on Monday, January 28th. Consumer Edge upgraded MCCORMICK & CO /SH from an “equal weight” rating to an “overweight” rating in a research report on Friday, January 25th. Deutsche Bank upgraded MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. Finally, Zacks Investment Research upgraded MCCORMICK & CO /SH from a “hold” rating to a “buy” rating and set a $169.00 target price for the company in a research report on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. MCCORMICK & CO /SH has an average rating of “Hold” and an average target price of $132.57.
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MCCORMICK & CO /SH Profile
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.
Further Reading: Outstanding Shares
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