Palisade Asset Management LLC Boosts Stake in McCormick & Company, Incorporated (NYSE:MKC)

Palisade Asset Management LLC boosted its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 1.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 35,729 shares of the company’s stock after acquiring an additional 560 shares during the quarter. Palisade Asset Management LLC’s holdings in McCormick & Company, Incorporated were worth $2,940,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. HCR Wealth Advisors grew its stake in McCormick & Company, Incorporated by 2.6% in the 2nd quarter. HCR Wealth Advisors now owns 5,372 shares of the company’s stock worth $381,000 after acquiring an additional 135 shares during the period. Wallington Asset Management LLC boosted its holdings in shares of McCormick & Company, Incorporated by 3.4% during the third quarter. Wallington Asset Management LLC now owns 4,136 shares of the company’s stock worth $340,000 after purchasing an additional 136 shares during the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of McCormick & Company, Incorporated by 2.9% during the second quarter. Aptus Capital Advisors LLC now owns 5,030 shares of the company’s stock worth $357,000 after purchasing an additional 141 shares during the last quarter. KFG Wealth Management LLC grew its position in shares of McCormick & Company, Incorporated by 1.5% in the second quarter. KFG Wealth Management LLC now owns 10,434 shares of the company’s stock valued at $740,000 after purchasing an additional 156 shares during the period. Finally, Aurora Investment Counsel increased its stake in McCormick & Company, Incorporated by 2.1% in the third quarter. Aurora Investment Counsel now owns 8,443 shares of the company’s stock valued at $695,000 after purchasing an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $77.58 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $20.82 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 3.56 and a beta of 0.77. McCormick & Company, Incorporated has a twelve month low of $63.67 and a twelve month high of $85.49. The business has a 50 day simple moving average of $79.62 and a 200-day simple moving average of $76.25.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a net margin of 11.87% and a return on equity of 15.30%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be issued a $0.45 dividend. The ex-dividend date is Monday, December 30th. This represents a $1.80 dividend on an annualized basis and a yield of 2.32%. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MKC. BNP Paribas raised shares of McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus boosted their price objective on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Bank of America upped their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, TD Cowen lifted their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.57.

Insider Buying and Selling at McCormick & Company, Incorporated

In related news, Director Jacques Tapiero sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $77.34, for a total value of $386,700.00. Following the sale, the director now owns 28,217 shares of the company’s stock, valued at approximately $2,182,302.78. This trade represents a 15.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 20,000 shares of company stock worth $1,565,850 over the last ninety days. Company insiders own 22.90% of the company’s stock.

About McCormick & Company, Incorporated

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.