Insider Selling: McCormick & Company, Incorporated (MKC) Director Sells $497,500.00 in Stock

McCormick & Company, Incorporated (NYSE:MKC) Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $99.50, for a total transaction of $497,500.00. Following the completion of the sale, the director now directly owns 18,825 shares of the company’s stock, valued at approximately $1,873,087.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

McCormick & Company, (NYSE:MKC) last released its quarterly earnings data on Thursday, September 28th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. McCormick & Company, had a net margin of 10.05% and a return on equity of 26.09%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 24th. Stockholders of record on Tuesday, October 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Friday, October 6th. McCormick & Company,’s payout ratio is 51.93%.

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MKC has been the subject of several research analyst reports. Jefferies Group LLC set a $115.00 target price on shares of McCormick & Company, and gave the stock a “buy” rating in a research report on Saturday, October 7th. Zacks Investment Research raised shares of McCormick & Company, from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a research report on Monday, October 2nd. Credit Suisse Group reissued a “buy” rating and issued a $115.00 target price (up previously from $112.00) on shares of McCormick & Company, in a research report on Friday, September 29th. Stifel Nicolaus reissued a “hold” rating and issued a $103.00 target price (up previously from $95.00) on shares of McCormick & Company, in a research report on Monday, October 2nd. Finally, Citigroup Inc. boosted their target price on shares of McCormick & Company, from $100.00 to $108.00 and gave the stock a “neutral” rating in a research report on Monday, October 2nd. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $106.00.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of McCormick & Company, by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,264,131 shares of the company’s stock worth $1,195,875,000 after acquiring an additional 301,377 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of McCormick & Company, by 19.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,067,062 shares of the company’s stock worth $104,049,000 after acquiring an additional 177,210 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of McCormick & Company, by 26.6% during the 2nd quarter. Renaissance Technologies LLC now owns 987,100 shares of the company’s stock worth $96,252,000 after acquiring an additional 207,600 shares during the period. Swiss National Bank lifted its holdings in shares of McCormick & Company, by 1.2% during the 2nd quarter. Swiss National Bank now owns 913,348 shares of the company’s stock worth $89,061,000 after acquiring an additional 10,800 shares during the period. Finally, Pioneer Investment Management Inc. lifted its holdings in shares of McCormick & Company, by 3.5% during the 2nd quarter. Pioneer Investment Management Inc. now owns 895,695 shares of the company’s stock worth $87,339,000 after acquiring an additional 29,910 shares during the period. 69.98% of the stock is owned by institutional investors.

About McCormick & Company,

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.

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