Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in McCormick & Company, Incorporated (NYSE:MKC)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 187.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 296,419 shares of the company’s stock after acquiring an additional 193,453 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.11% of McCormick & Company, Incorporated worth $24,395,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MKC. Capital Performance Advisors LLP bought a new stake in McCormick & Company, Incorporated during the third quarter valued at about $28,000. Capital Advisors Ltd. LLC boosted its holdings in shares of McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after buying an additional 175 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of McCormick & Company, Incorporated in the 2nd quarter worth approximately $29,000. Kennebec Savings Bank bought a new position in shares of McCormick & Company, Incorporated during the 3rd quarter worth approximately $40,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in McCormick & Company, Incorporated during the second quarter valued at approximately $35,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on MKC. Bank of America lifted their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. BNP Paribas raised McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus raised their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Finally, TD Cowen boosted their price target on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus target price of $79.57.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $78.35 on Friday. The firm has a market cap of $21.03 billion, a P/E ratio of 26.65, a P/E/G ratio of 3.55 and a beta of 0.77. McCormick & Company, Incorporated has a 52 week low of $63.67 and a 52 week high of $85.49. The business’s 50 day moving average price is $79.01 and its 200 day moving average price is $76.32. 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 announced its quarterly earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.15. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the firm earned $0.65 EPS. On average, sell-side analysts expect that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be issued a $0.45 dividend. The ex-dividend date is Monday, December 30th. This is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a yield of 2.30%. McCormick & Company, Incorporated’s payout ratio is presently 61.22%.

Insiders Place Their Bets

In other news, Director Jacques Tapiero sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $78.33, for a total transaction of $391,650.00. Following the completion of the transaction, the director now directly owns 28,217 shares of the company’s stock, valued at $2,210,237.61. The trade was a 15.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 20,000 shares of company stock worth $1,565,850. Corporate insiders own 22.90% of the company’s stock.

About McCormick & Company, Incorporated

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.