Kentucky Retirement Systems Lowers Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Kentucky Retirement Systems decreased its stake in McCormick & Company, Incorporated (NYSE:MKC) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,095 shares of the company’s stock after selling 1,011 shares during the period. Kentucky Retirement Systems’ holdings in McCormick & Company, Incorporated were worth $1,467,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cullen Investment Group LTD. bought a new position in shares of McCormick & Company, Incorporated in the 4th quarter worth $5,728,000. International Assets Investment Management LLC grew its holdings in shares of 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 grew its holdings in shares of McCormick & Company, Incorporated by 19.1% during the 4th 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. State Board of Administration of Florida Retirement System grew its holdings in shares of McCormick & Company, Incorporated by 2.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 278,397 shares of the company’s stock valued at $23,165,000 after purchasing an additional 7,898 shares during the last quarter. Finally, Trexquant Investment LP grew its holdings in shares of McCormick & Company, Incorporated by 374.3% during the 4th quarter. Trexquant Investment LP now owns 116,169 shares of the company’s stock valued at $7,948,000 after purchasing an additional 91,676 shares during the last quarter. Institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Up 1.4 %

NYSE MKC traded up $1.02 during trading hours on Friday, reaching $75.79. 2,667,739 shares of the company’s stock traded hands, compared to its average volume of 1,952,640. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $90.45. The firm has a market cap of $20.36 billion, a PE ratio of 27.66, a PEG ratio of 3.91 and a beta of 0.75. The firm has a 50-day simple moving average of $70.95 and a 200 day simple moving average of $70.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the company posted $0.60 EPS. McCormick & Company, Incorporated’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Shareholders of record on Monday, July 8th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a yield of 2.22%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. TD Cowen reduced their target price on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Argus raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Tuesday, April 2nd. Finally, Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 80,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Lawrence Erik Kurzius sold 80,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Katherine Jenkins sold 2,732 shares of McCormick & Company, Incorporated 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 107,732 shares of company stock worth $7,982,386. 22.90% of the stock is owned by corporate insiders.

McCormick & Company, Incorporated 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.