Summit Investment Advisors Inc. Increases Stock Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Summit Investment Advisors Inc. boosted its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,011 shares of the company’s stock after purchasing an additional 328 shares during the period. Summit Investment Advisors Inc.’s holdings in McCormick & Company, Incorporated were worth $3,279,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $223,202,000. Invesco Ltd. raised its holdings in McCormick & Company, Incorporated by 17.6% in the 4th quarter. Invesco Ltd. now owns 2,641,812 shares of the company’s stock valued at $201,412,000 after buying an additional 396,214 shares during the period. Amundi lifted its position in McCormick & Company, Incorporated by 37.5% in the fourth quarter. Amundi now owns 1,372,446 shares of the company’s stock valued at $102,275,000 after buying an additional 374,559 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in McCormick & Company, Incorporated by 9,283.1% during the fourth quarter. Teacher Retirement System of Texas now owns 367,253 shares of the company’s stock worth $27,999,000 after buying an additional 363,339 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of McCormick & Company, Incorporated by 321.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 449,870 shares of the company’s stock valued at $34,298,000 after acquiring an additional 343,070 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Up 0.4 %

McCormick & Company, Incorporated stock opened at $75.84 on Monday. The firm has a market capitalization of $20.34 billion, a P/E ratio of 25.89, a P/E/G ratio of 3.76 and a beta of 0.75. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.68. McCormick & Company, Incorporated has a twelve month low of $66.88 and a twelve month high of $86.24. The stock’s fifty day simple moving average is $79.53 and its 200-day simple moving average is $78.29.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.04). The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 14.89% and a net margin of 11.73%. McCormick & Company, Incorporated’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. As a group, equities analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be issued a $0.45 dividend. The ex-dividend date is Monday, April 7th. This represents a $1.80 annualized dividend and a yield of 2.37%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.86%.

Insider Buying and Selling

In other news, VP Gregory Repas sold 2,750 shares of the company’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the completion of the transaction, the vice president now directly owns 2,266 shares of the company’s stock, valued at approximately $184,497.72. This represents a 54.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Margaret M. V. Preston sold 28,092 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $77.03, for a total value of $2,163,926.76. Following the sale, the director now directly owns 6,177 shares in the company, valued at $475,814.31. This trade represents a 81.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,842 shares of company stock worth $6,478,332 over the last 90 days. 23.80% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of McCormick & Company, Incorporated from $66.00 to $69.00 and gave the stock an “underweight” rating in a report on Friday, January 24th. Barclays decreased their price target on McCormick & Company, Incorporated from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Argus cut McCormick & Company, Incorporated from a “buy” rating to a “hold” rating in a research note on Thursday, March 27th. Finally, TD Cowen upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and boosted their price objective for the company from $86.00 to $90.00 in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.14.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.