McCormick & Company, Incorporated (MKC) Stake Lifted by Fred Alger Management Inc.

Fred Alger Management Inc. boosted its stake in McCormick & Company, Incorporated (NYSE:MKC) by 744.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,968 shares of the company’s stock after acquiring an additional 152,496 shares during the period. Fred Alger Management Inc. owned 0.13% of McCormick & Company, Incorporated worth $17,627,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MKC. Amundi Pioneer Asset Management Inc. boosted its holdings in shares of McCormick & Company, Incorporated by 12.5% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,833,148 shares of the company’s stock worth $186,816,000 after buying an additional 204,078 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of McCormick & Company, Incorporated by 19.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,391,100 shares of the company’s stock worth $141,767,000 after purchasing an additional 229,900 shares during the period. Bank of New York Mellon Corp raised its position in shares of McCormick & Company, Incorporated by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,067,951 shares of the company’s stock worth $108,835,000 after purchasing an additional 41,446 shares during the period. Swiss National Bank raised its position in shares of McCormick & Company, Incorporated by 4.8% during the fourth quarter. Swiss National Bank now owns 962,948 shares of the company’s stock worth $98,134,000 after purchasing an additional 44,100 shares during the period. Finally, Eaton Vance Management raised its position in shares of McCormick & Company, Incorporated by 38.0% during the fourth quarter. Eaton Vance Management now owns 872,011 shares of the company’s stock worth $88,866,000 after purchasing an additional 240,274 shares during the period. Institutional investors and hedge funds own 79.74% of the company’s stock.

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Shares of MKC traded down $2.56 during trading hours on Monday, reaching $103.83. 1,318,557 shares of the company’s stock traded hands, compared to its average volume of 1,112,459. The company has a market cap of $13,948.26, a PE ratio of 24.37, a price-to-earnings-growth ratio of 2.28 and a beta of 0.56. The company has a current ratio of 0.86, a quick ratio of 0.42 and a debt-to-equity ratio of 1.43. McCormick & Company, Incorporated has a 12 month low of $90.25 and a 12 month high of $111.46.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 27th. The company reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.09. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. McCormick & Company, Incorporated had a return on equity of 23.39% and a net margin of 16.04%. McCormick & Company, Incorporated’s revenue for the quarter was up 18.5% compared to the same quarter last year. During the same period last year, the firm posted $0.76 EPS. analysts predict that McCormick & Company, Incorporated will post 4.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 23rd. Shareholders of record on Monday, April 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, April 6th. This represents a $2.08 dividend on an annualized basis and a yield of 2.00%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 48.83%.

In related news, Director Patricia A. Little sold 6,250 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $108.63, for a total transaction of $678,937.50. Following the sale, the director now directly owns 15,497 shares in the company, valued at $1,683,439.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael R. Smith sold 2,575 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $107.96, for a total value of $277,997.00. Following the sale, the vice president now owns 17,312 shares in the company, valued at $1,869,003.52. The disclosure for this sale can be found here. 19.20% of the stock is currently owned by company insiders.

A number of equities research analysts recently commented on the company. Sanford C. Bernstein increased their price target on McCormick & Company, Incorporated from $113.00 to $118.00 and gave the company a “market perform” rating in a research report on Wednesday, March 28th. Citigroup increased their price target on McCormick & Company, Incorporated from $113.00 to $114.00 and gave the company a “neutral” rating in a research report on Wednesday, March 28th. UBS raised their target price on McCormick & Company, Incorporated from $106.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, March 28th. Credit Suisse Group raised their target price on McCormick & Company, Incorporated from $120.00 to $122.00 and gave the company an “outperform” rating in a research report on Wednesday, March 28th. Finally, Zacks Investment Research downgraded McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $110.20.

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About McCormick & Company, Incorporated

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

Institutional Ownership by Quarter for McCormick & Company, Incorporated (NYSE:MKC)

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