McCormick & Company, Incorporated (NYSE:MKC) Position Increased by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp lifted its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 0.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 76,831 shares of the company’s stock after buying an additional 632 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in McCormick & Company, Incorporated were worth $6,324,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Sequoia Financial Advisors LLC lifted its holdings in shares of McCormick & Company, Incorporated by 6.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,133 shares of the company’s stock worth $364,000 after purchasing an additional 315 shares during the last quarter. Boston Trust Walden Corp increased its position in McCormick & Company, Incorporated by 1.1% in the second quarter. Boston Trust Walden Corp now owns 632,674 shares of the company’s stock worth $44,882,000 after buying an additional 6,588 shares during the period. OFI Invest Asset Management bought a new stake in McCormick & Company, Incorporated in the second quarter valued at $29,000. KFG Wealth Management LLC boosted its holdings in shares of McCormick & Company, Incorporated by 1.5% during the second quarter. KFG Wealth Management LLC now owns 10,434 shares of the company’s stock valued at $740,000 after acquiring an additional 156 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of McCormick & Company, Incorporated during the second quarter worth about $3,688,000. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Down 1.0 %

Shares of MKC stock opened at $80.56 on Friday. McCormick & Company, Incorporated has a 1 year low of $63.88 and a 1 year high of $85.49. The stock has a market cap of $21.62 billion, a PE ratio of 27.40, a price-to-earnings-growth ratio of 3.48 and a beta of 0.75. The business’s fifty day moving average is $78.37 and its 200-day moving average is $76.73. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71.

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

McCormick & Company, Incorporated Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be paid a dividend of $0.45 per share. The ex-dividend date is Monday, December 30th. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 2.23%. McCormick & Company, Incorporated’s dividend payout ratio is currently 57.14%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MKC shares. TD Cowen lifted their price objective on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus boosted their price objective on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their target price for the company from $85.00 to $91.00 in a research note on Monday, December 9th. Finally, Bank of America increased their price target on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and an average price target of $81.00.

Insider Buying and Selling

In other news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $78.50, for a total transaction of $392,500.00. Following the completion of the sale, the director now directly owns 40,436 shares of the company’s stock, valued at $3,174,226. This represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 20,000 shares of company stock worth $1,565,850. Corporate insiders own 22.90% of the company’s stock.

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.