JPMorgan Chase & Co. Sells 127,949 Shares of McCormick & Company, Incorporated (NYSE:MKC)

JPMorgan Chase & Co. reduced its position in McCormick & Company, Incorporated (NYSE:MKC) by 10.1% in the third quarter, Holdings Channel.com reports. The firm owned 1,134,784 shares of the company’s stock after selling 127,949 shares during the quarter. JPMorgan Chase & Co.’s holdings in McCormick & Company, Incorporated were worth $93,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its stake in McCormick & Company, Incorporated by 7.8% in the third quarter. State Street Corp now owns 15,315,905 shares of the company’s stock worth $1,260,499,000 after buying an additional 1,114,706 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of McCormick & Company, Incorporated by 97,525.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 976,255 shares of the company’s stock valued at $69,256,000 after purchasing an additional 975,255 shares in the last quarter. Marshall Wace LLP bought a new position in shares of McCormick & Company, Incorporated during the 2nd quarter valued at $51,286,000. Benjamin Edwards Inc. lifted its stake in shares of McCormick & Company, Incorporated by 2,778.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 456,920 shares of the company’s stock valued at $37,606,000 after acquiring an additional 441,048 shares during the last quarter. Finally, Millennium Management LLC increased its stake in McCormick & Company, Incorporated by 111.2% in the 2nd quarter. Millennium Management LLC now owns 733,588 shares of the company’s stock worth $52,041,000 after purchasing an additional 386,320 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $78.50, for a total transaction of $392,500.00. Following the sale, the director now owns 40,436 shares of the company’s stock, valued at $3,174,226. This trade represents a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 20,000 shares of company stock worth $1,565,850. Insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Stock Performance

McCormick & Company, Incorporated stock opened at $75.88 on Friday. The stock’s 50 day moving average is $77.81 and its 200 day moving average is $77.53. The company has a market capitalization of $20.36 billion, a P/E ratio of 25.81, a PEG ratio of 3.44 and a beta of 0.75. McCormick & Company, Incorporated has a twelve month low of $63.88 and a twelve month high of $85.49. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities research analysts predict 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. Investors of record on Monday, December 30th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, December 30th. This is a boost from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 2.37%. McCormick & Company, Incorporated’s dividend payout ratio is 61.22%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MKC shares. TD Cowen increased their price target 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. Jefferies Financial Group upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $91.00 in a research report on Monday, December 9th. Bank of America upped their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. BNP Paribas raised shares of McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus lifted their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.00.

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.