Drive Wealth Management LLC Invests $206,000 in McCormick & Company, Incorporated (NYSE:MKC)

Drive Wealth Management LLC acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 2,502 shares of the company’s stock, valued at approximately $206,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC lifted its holdings in shares of McCormick & Company, Incorporated by 87.5% in the second quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in McCormick & Company, Incorporated in the 3rd quarter valued at approximately $28,000. OFI Invest Asset Management acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter valued at approximately $29,000. 1620 Investment Advisors Inc. bought a new stake in McCormick & Company, Incorporated in the 2nd quarter valued at approximately $35,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in McCormick & Company, Incorporated during the 2nd quarter worth approximately $39,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on MKC shares. Bank of America boosted their price objective on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus boosted their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. TD Cowen raised their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $79.57.

McCormick & Company, Incorporated Trading Up 0.9 %

Shares of NYSE:MKC opened at $74.62 on Tuesday. McCormick & Company, Incorporated has a 52-week low of $63.67 and a 52-week high of $85.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.32 and a current ratio of 0.71. The company has a market capitalization of $20.03 billion, a P/E ratio of 25.38, a price-to-earnings-growth ratio of 3.38 and a beta of 0.77. The company has a 50-day simple moving average of $80.13 and a 200 day simple moving average of $76.22.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the company posted $0.65 EPS. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. Sell-side analysts forecast that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is presently 57.14%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were 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 in the company, valued at $3,174,226. This trade represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 20,000 shares of company stock valued at $1,565,850. Company insiders own 22.90% of the company’s stock.

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.