Argent Trust Co Has $3.95 Million Position in McCormick & Company, Incorporated (NYSE:MKC)

Argent Trust Co cut its position in McCormick & Company, Incorporated (NYSE:MKC) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,687 shares of the company’s stock after selling 470 shares during the quarter. Argent Trust Co’s holdings in McCormick & Company, Incorporated were worth $3,950,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Capital Advisors Ltd. LLC raised its holdings in McCormick & Company, Incorporated by 87.5% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 375 shares of the company’s stock valued at $27,000 after buying an additional 175 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of McCormick & Company, Incorporated in the 2nd quarter valued at $29,000. 1620 Investment Advisors Inc. acquired a new stake in shares of McCormick & Company, Incorporated during the second quarter worth $35,000. Farmers & Merchants Investments Inc. raised its stake in McCormick & Company, Incorporated by 40.3% during the second quarter. Farmers & Merchants Investments Inc. now owns 794 shares of the company’s stock worth $56,000 after buying an additional 228 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new position in McCormick & Company, Incorporated in the second quarter valued at $67,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

McCormick & Company, Incorporated Price Performance

MKC stock opened at $84.50 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. The business has a 50-day simple moving average of $77.98 and a two-hundred day simple moving average of $74.11. The company has a market capitalization of $22.70 billion, a P/E ratio of 30.84, a price-to-earnings-growth ratio of 4.26 and a beta of 0.76. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. McCormick & Company, Incorporated’s quarterly revenue was down 1.0% on a year-over-year basis. Research analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were issued a $0.42 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $1.68 annualized dividend and a dividend yield of 1.99%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insider Activity at McCormick & Company, Incorporated

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 completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.90% of the stock is owned by insiders.

About McCormick & Company, Incorporated

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.