Meridian Wealth Management LLC Invests $534,000 in McCormick & Company, Incorporated (NYSE:MKC)

Meridian Wealth Management LLC acquired a new position in shares of McCormick & Company, Incorporated (NYSE:MKC) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,489 shares of the company’s stock, valued at approximately $534,000.

Several other large investors have also modified their holdings of MKC. B. Riley Wealth Advisors Inc. lifted its holdings in shares of McCormick & Company, Incorporated by 10.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,616 shares of the company’s stock valued at $349,000 after purchasing an additional 419 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of McCormick & Company, Incorporated by 1.1% in the first quarter. California State Teachers Retirement System now owns 410,913 shares of the company’s stock valued at $31,562,000 after purchasing an additional 4,397 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of McCormick & Company, Incorporated by 32.3% in the first quarter. Tidal Investments LLC now owns 18,922 shares of the company’s stock valued at $1,448,000 after purchasing an additional 4,619 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in shares of McCormick & Company, Incorporated by 1,426.3% in the first quarter. Plato Investment Management Ltd now owns 3,419 shares of the company’s stock valued at $263,000 after purchasing an additional 3,195 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of McCormick & Company, Incorporated in the first quarter valued at $16,386,000. 79.74% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Jacques Tapiero sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $78.33, for a total value of $391,650.00. Following the sale, the director now directly owns 28,217 shares of the company’s stock, valued at approximately $2,210,237.61. This trade represents a 15.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 20,000 shares of company stock valued at $1,565,850. 22.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on MKC. Bank of America increased their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. TD Cowen increased their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. Finally, Stifel Nicolaus increased their price objective on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has an average rating of “Hold” and an average target price of $79.57.

McCormick & Company, Incorporated Price Performance

NYSE MKC opened at $77.58 on Monday. McCormick & Company, Incorporated has a fifty-two week low of $63.67 and a fifty-two week high of $85.49. The stock’s 50-day moving average is $79.62 and its two-hundred day moving average is $76.26. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.71 and a quick ratio of 0.32. The firm has a market cap of $20.82 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 3.56 and a beta of 0.77.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the company earned $0.65 earnings per share. The business’s revenue was down .3% compared to the same quarter last year. On average, analysts anticipate 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 declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be given a $0.45 dividend. This is an increase from McCormick & Company, Incorporated’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, December 30th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 57.14%.

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.