Cullen Investment Group LTD. Invests $5.73 Million in McCormick & Company, Incorporated (NYSE:MKC)

Cullen Investment Group LTD. acquired a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 83,712 shares of the company’s stock, valued at approximately $5,728,000. McCormick & Company, Incorporated accounts for about 1.0% of Cullen Investment Group LTD.’s investment portfolio, making the stock its 26th largest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MKC. SVB Wealth LLC raised its position in McCormick & Company, Incorporated by 3.0% in the 1st quarter. SVB Wealth LLC now owns 3,937 shares of the company’s stock worth $393,000 after purchasing an additional 114 shares during the period. Wellington Management Group LLP raised its position in McCormick & Company, Incorporated by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 53,866 shares of the company’s stock worth $4,482,000 after purchasing an additional 148 shares during the period. Kinneret Advisory LLC raised its position in McCormick & Company, Incorporated by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 6,880 shares of the company’s stock worth $687,000 after purchasing an additional 154 shares during the period. PFG Investments LLC raised its position in McCormick & Company, Incorporated by 2.6% in the 4th quarter. PFG Investments LLC now owns 6,981 shares of the company’s stock worth $478,000 after purchasing an additional 179 shares during the period. Finally, Ancora Advisors LLC raised its position in McCormick & Company, Incorporated by 29.8% in the 1st quarter. Ancora Advisors LLC now owns 811 shares of the company’s stock worth $67,000 after purchasing an additional 186 shares during the period. Institutional investors own 79.74% of the company’s stock.

Insider Buying and Selling

In related news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the transaction, the director now owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total value of $326,000.00. Following the completion of the transaction, the director now owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, March 28th. The shares were 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 directly owns 5,594 shares of the company’s stock, valued at approximately $430,738. The disclosure for this sale can be found here. Insiders sold a total of 32,000 shares of company stock valued at $2,376,400 over the last 90 days. Insiders own 22.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MKC. JPMorgan Chase & Co. reduced their target price on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research report on Friday, January 26th. Consumer Edge downgraded shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. Citigroup increased their price objective on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research note on Wednesday, March 27th. Barclays increased their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, March 28th. Finally, Stifel Nicolaus increased their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and a consensus price target of $77.88.

McCormick & Company, Incorporated Stock Performance

MKC remained flat at $71.76 during trading on Monday. 147,755 shares of the company’s stock traded hands, compared to its average volume of 2,095,851. The stock has a market cap of $19.26 billion, a P/E ratio of 27.39, a PEG ratio of 3.68 and a beta of 0.74. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $94.39. The company has a quick ratio of 0.30, a current ratio of 0.68 and a debt-to-equity ratio of 0.63. The business’s fifty day simple moving average is $69.96 and its 200 day simple moving average is $67.49.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.59 earnings per share. On average, equities research analysts anticipate that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, April 5th. This represents a $1.68 annualized dividend and a dividend yield of 2.34%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

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.