McCormick & Company, Incorporated (NYSE:MKC) Short Interest Update

McCormick & Company, Incorporated (NYSE:MKC) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 6,750,000 shares, an increase of 23.2% from the June 30th total of 5,480,000 shares. Based on an average daily volume of 1,900,000 shares, the days-to-cover ratio is currently 3.6 days.

Insider Activity

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 2,732 shares of the company’s 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Katherine Jenkins sold 2,732 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $75.91, for a total value of $207,386.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,732 shares of company stock worth $7,982,386. 22.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MKC. Vanguard Group Inc. raised its position in McCormick & Company, Incorporated by 2.9% during the first quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock valued at $2,390,261,000 after buying an additional 883,327 shares during the period. Massachusetts Financial Services Co. MA increased its position in McCormick & Company, Incorporated by 41.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,359,068 shares of the company’s stock worth $366,667,000 after purchasing an additional 1,577,636 shares during the last quarter. Champlain Investment Partners LLC raised its stake in shares of McCormick & Company, Incorporated by 4.4% during the 1st quarter. Champlain Investment Partners LLC now owns 3,211,122 shares of the company’s stock worth $246,646,000 after purchasing an additional 136,080 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of McCormick & Company, Incorporated by 2.4% during the 1st quarter. ProShare Advisors LLC now owns 2,622,602 shares of the company’s stock valued at $201,442,000 after buying an additional 60,512 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at about $160,999,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MKC shares. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen decreased their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a report on Monday, June 24th. Finally, Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $76.25.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock traded up $1.02 during mid-day trading on Friday, hitting $75.79. The company’s stock had a trading volume of 2,667,739 shares, compared to its average volume of 1,952,640. The stock has a market capitalization of $20.36 billion, a P/E ratio of 27.66, a P/E/G ratio of 3.91 and a beta of 0.75. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $90.45. The stock’s fifty day moving average price is $70.95 and its two-hundred day moving average price is $70.75. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results 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 business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. Research analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

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

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.