Jennison Associates LLC Trims Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Jennison Associates LLC decreased its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 14.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 50,399 shares of the company’s stock after selling 8,573 shares during the period. Jennison Associates LLC’s holdings in McCormick & Company, Incorporated were worth $3,448,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of McCormick & Company, Incorporated by 64.6% in the third quarter. Wellington Management Group LLP now owns 108,623 shares of the company’s stock worth $8,216,000 after buying an additional 42,625 shares in the last quarter. Cullen Investment Group LTD. purchased a new stake in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $5,728,000. International Assets Investment Management LLC boosted its position 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 acquiring 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 fourth quarter. abrdn plc now owns 443,332 shares of the company’s stock worth $30,333,000 after purchasing an additional 71,133 shares in the last quarter. Finally, Jacobs & Co. CA grew its holdings in shares of McCormick & Company, Incorporated by 12.7% during the fourth quarter. Jacobs & Co. CA now owns 142,949 shares of the company’s stock worth $9,780,000 after purchasing an additional 16,098 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Stock Up 0.2 %

MKC opened at $75.73 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $94.39. The business’s 50-day moving average price is $71.61 and its 200-day moving average price is $67.83. The company has a market cap of $20.33 billion, a P/E ratio of 28.90, a P/E/G ratio of 3.88 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 EPS. On average, equities analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is currently 64.12%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MKC shares. 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 research note on Tuesday, April 2nd. Barclays lifted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. reduced their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research note on Friday, January 26th. Citigroup upped their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a report on Wednesday, March 27th. Finally, Stifel Nicolaus increased their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $77.88.

Insider Activity

In related news, Director Maritza Gomez Montiel sold 7,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the transaction, the director now directly owns 5,594 shares in the company, valued at approximately $430,738. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other McCormick & Company, Incorporated news, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $77.00, for a total transaction of $539,000.00. Following the completion of the transaction, the director now owns 5,594 shares in the company, valued at $430,738. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katherine Jenkins sold 1,726 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The disclosure for this sale can be found here. Insiders sold a total of 33,726 shares of company stock worth $2,504,728 in the last quarter. 22.90% of the stock is owned by company 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.