McCormick & Company, Incorporated (MKC) Position Cut by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its stake in McCormick & Company, Incorporated (NYSE:MKC) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,935 shares of the company’s stock after selling 70 shares during the period. Gateway Investment Advisers LLC’s holdings in McCormick & Company, were worth $676,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. FNY Managed Accounts LLC acquired a new stake in shares of McCormick & Company, during the first quarter valued at about $135,000. Harfst & Associates Inc. purchased a new position in McCormick & Company, during the first quarter valued at $139,000. Van ECK Associates Corp boosted its position in McCormick & Company, by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,689 shares of the company’s stock valued at $165,000 after buying an additional 109 shares in the last quarter. Pacer Advisors Inc. boosted its position in McCormick & Company, by 3.4% in the first quarter. Pacer Advisors Inc. now owns 1,995 shares of the company’s stock valued at $195,000 after buying an additional 66 shares in the last quarter. Finally, Charter Trust Co. purchased a new position in McCormick & Company, during the first quarter valued at $202,000. Institutional investors own 73.69% of the company’s stock.

Shares of McCormick & Company, Incorporated (MKC) traded down 0.56% during trading on Friday, hitting $96.09. The stock had a trading volume of 688,504 shares. McCormick & Company, Incorporated has a 52 week low of $88.64 and a 52 week high of $106.50. The company’s 50 day moving average price is $95.72 and its 200 day moving average price is $99.06. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 25.52 and a beta of 0.52.

McCormick & Company, (NYSE:MKC) last announced its quarterly earnings results on Thursday, June 29th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.06. McCormick & Company, had a net margin of 10.69% and a return on equity of 28.28%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the prior year, the company earned $0.75 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Analysts predict that McCormick & Company, Incorporated will post $4.08 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 24th. Stockholders of record on Monday, July 10th were given a $0.47 dividend. The ex-dividend date was Thursday, July 6th. This represents a $1.88 annualized dividend and a dividend yield of 1.96%. McCormick & Company,’s payout ratio is presently 49.87%.

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Several research firms have recently weighed in on MKC. Jefferies Group LLC raised McCormick & Company, from a “hold” rating to a “buy” rating and upped their price objective for the stock from $95.00 to $110.00 in a research report on Friday, July 28th. Edward Jones raised McCormick & Company, from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Credit Suisse Group set a $108.00 price target on McCormick & Company, and gave the company a “buy” rating in a research report on Saturday, July 1st. BidaskClub cut McCormick & Company, from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. Finally, Zacks Investment Research cut McCormick & Company, from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $104.00.

McCormick & Company, Company Profile

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

Institutional Ownership by Quarter for McCormick & Company, (NYSE:MKC)

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