Sienna Gestion Acquires New Stake in McCormick & Company, Incorporated (NYSE:MKC)

Sienna Gestion acquired a new position in shares of McCormick & Company, Incorporated (NYSE:MKC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 80,398 shares of the company’s stock, valued at approximately $5,701,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MKC. Norges Bank acquired a new stake in McCormick & Company, Incorporated in the fourth quarter valued at about $160,999,000. Nuance Investments LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $73,160,000. Vanguard Group Inc. boosted its stake in shares of McCormick & Company, Incorporated by 2.9% in the first quarter. Vanguard Group Inc. now owns 31,119,141 shares of the company’s stock valued at $2,390,261,000 after buying an additional 883,327 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of McCormick & Company, Incorporated by 299.9% in the first quarter. Intech Investment Management LLC now owns 402,223 shares of the company’s stock valued at $30,895,000 after buying an additional 301,652 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in McCormick & Company, Incorporated during the first quarter worth $22,275,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the transaction, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. TD Cowen reduced their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a report on Monday, June 24th. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Finally, Bank of America increased their target price on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $77.38.

McCormick & Company, Incorporated Stock Performance

Shares of MKC opened at $83.90 on Thursday. The company has a 50-day moving average of $78.23 and a two-hundred day moving average of $74.18. The stock has a market cap of $22.54 billion, a P/E ratio of 30.62, a PEG ratio of 4.26 and a beta of 0.76. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. As a group, research analysts predict that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Monday, July 8th. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.

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.