Oak Thistle LLC Invests $658,000 in McCormick & Company, Incorporated (NYSE:MKC)

Oak Thistle LLC bought a new position in McCormick & Company, Incorporated (NYSE:MKC) during the 1st quarter, HoldingsChannel reports. The fund bought 8,571 shares of the company’s stock, valued at approximately $658,000. McCormick & Company, Incorporated makes up approximately 0.6% of Oak Thistle LLC’s portfolio, making the stock its 29th largest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in shares of McCormick & Company, Incorporated by 64.6% in the third quarter. Wellington Management Group LLP now owns 108,623 shares of the company’s stock worth $8,216,000 after buying an additional 42,625 shares in the last quarter. Cullen Investment Group LTD. purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $5,728,000. International Assets Investment Management LLC raised its holdings in shares of McCormick & Company, Incorporated by 7,344.4% during the fourth 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 holdings in shares of McCormick & Company, Incorporated by 19.1% during the fourth quarter. abrdn plc now owns 443,332 shares of the company’s stock valued at $30,333,000 after purchasing an additional 71,133 shares during the last quarter. Finally, Jacobs & Co. CA raised its holdings in shares of McCormick & Company, Incorporated by 12.7% during the fourth quarter. Jacobs & Co. CA now owns 142,949 shares of the company’s stock valued at $9,780,000 after purchasing an additional 16,098 shares during the last quarter. Institutional investors own 79.74% of the company’s stock.

Insider Transactions at McCormick & Company, Incorporated

In other news, insider Katherine Jenkins sold 1,726 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Katherine Jenkins sold 1,726 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the transaction, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. Insiders sold a total of 84,458 shares of company stock valued at $6,235,714 over the last three months. Corporate insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

MKC stock traded down $0.99 during midday trading on Monday, reaching $69.95. 2,402,593 shares of the company’s stock traded hands, compared to its average volume of 2,009,028. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $90.45. The stock has a market cap of $18.78 billion, a P/E ratio of 25.53, a PEG ratio of 3.71 and a beta of 0.75. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The stock’s 50-day moving average is $72.19 and its 200 day moving average is $70.17.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 earnings per share. As a group, analysts anticipate that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be paid a $0.42 dividend. The ex-dividend date is Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.40%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Analyst Upgrades and Downgrades

MKC has been the subject of several research reports. Stifel Nicolaus boosted their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, March 27th. Argus raised shares of 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. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Barclays boosted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, March 28th. Finally, TD Cowen decreased their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a report on Monday, June 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $76.25.

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.