DB Fitzpatrick & Co Inc Raises Stake in McCormick & Company, Incorporated (NYSE:MKC)

DB Fitzpatrick & Co Inc raised its position in McCormick & Company, Incorporated (NYSE:MKC) by 14.8% during the fourth quarter, HoldingsChannel reports. The firm owned 14,549 shares of the company’s stock after buying an additional 1,874 shares during the quarter. DB Fitzpatrick & Co Inc’s holdings in McCormick & Company, Incorporated were worth $1,109,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp increased its holdings in McCormick & Company, Incorporated by 7.8% in the third quarter. State Street Corp now owns 15,315,905 shares of the company’s stock valued at $1,260,499,000 after buying an additional 1,114,706 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of McCormick & Company, Incorporated by 97,525.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock valued at $69,256,000 after acquiring an additional 975,255 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of McCormick & Company, Incorporated during the 2nd quarter worth about $51,286,000. Benjamin Edwards Inc. lifted its stake in McCormick & Company, Incorporated by 2,778.8% during the third quarter. Benjamin Edwards Inc. now owns 456,920 shares of the company’s stock worth $37,606,000 after purchasing an additional 441,048 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in McCormick & Company, Incorporated by 111.2% during the second quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after purchasing an additional 386,320 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Jacques Tapiero sold 5,000 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $78.33, for a total transaction of $391,650.00. Following the transaction, the director now directly owns 28,217 shares in the company, valued at $2,210,237.61. The trade was a 15.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 20,000 shares of company stock valued at $1,565,850 over the last three months. 22.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MKC shares. Bank of America raised their price objective on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $91.00 in a research report on Monday, December 9th. 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, JPMorgan Chase & Co. cut their price target on McCormick & Company, Incorporated from $68.00 to $66.00 and set an “underweight” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.63.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $73.35 on Friday. McCormick & Company, Incorporated has a 52-week low of $63.88 and a 52-week high of $85.49. The stock’s 50-day moving average price is $76.90 and its 200 day moving average price is $77.83. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $19.69 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 3.07 and a beta of 0.75.

McCormick & Company, Incorporated Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Monday, December 30th. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. McCormick & Company, Incorporated’s dividend payout ratio is 61.22%.

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.