Investment Management Corp of Ontario Buys 2,700 Shares of McCormick & Company, Incorporated (NYSE:MKC)

Investment Management Corp of Ontario boosted its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 48.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 8,320 shares of the company’s stock after purchasing an additional 2,700 shares during the period. Investment Management Corp of Ontario’s holdings in McCormick & Company, Incorporated were worth $685,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

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

McCormick & Company, Incorporated Stock Down 0.8 %

NYSE:MKC opened at $77.50 on Friday. The company’s 50-day simple moving average is $78.58 and its 200-day simple moving average is $76.42. 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 has a fifty-two week low of $63.88 and a fifty-two week high of $85.49. The stock has a market capitalization of $20.80 billion, a P/E ratio of 26.36, a P/E/G ratio of 3.33 and a beta of 0.75.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15. McCormick & Company, Incorporated had a net margin of 11.87% and a return on equity of 15.30%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. McCormick & Company, Incorporated’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be given a $0.45 dividend. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.32%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 57.14%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $77.34, for a total value of $386,700.00. Following the completion of the sale, the director now directly owns 28,217 shares in the company, valued at approximately $2,182,302.78. This trade represents a 15.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 20,000 shares of company stock worth $1,565,850 in the last ninety days. 22.90% of the stock is owned by 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.