Canandaigua National Bank & Trust Co. Continues to Hold Stake in McCormick & Co. (MKC)
Canandaigua National Bank & Trust Co. continued to hold its position in shares of McCormick & Co. (NYSE:MKC) during the second quarter, Holdings Channel reports. The firm owned 7,030 shares of the company’s stock at the end of the second quarter. Canandaigua National Bank & Trust Co.’s holdings in McCormick & Co. were worth $750,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. increased its position in McCormick & Co. by 151.2% in the second quarter. Meeder Asset Management Inc. now owns 1,575 shares of the company’s stock worth $169,000 after buying an additional 948 shares during the period. Ferguson Wellman Capital Management Inc. purchased a new position in McCormick & Co. during the second quarter worth $207,000. Sigma Planning Corp bought a new stake in shares of McCormick & Co. during the second quarter worth about $211,000. Community Trust & Investment Co. bought a new stake in shares of McCormick & Co. during the second quarter worth about $213,000. Finally, Train Babcock Advisors LLC bought a new stake in shares of McCormick & Co. during the second quarter worth about $213,000. Institutional investors and hedge funds own 72.41% of the company’s stock.
McCormick & Co. (NYSE:MKC) traded down 0.16% during midday trading on Tuesday, reaching $96.23. The company had a trading volume of 459,174 shares. The stock’s 50 day moving average is $100.46 and its 200 day moving average is $99.05. McCormick & Co. has a 12-month low of $77.65 and a 12-month high of $107.84. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 28.54 and a beta of 0.48.
McCormick & Co. (NYSE:MKC) last issued its earnings results on Thursday, June 30th. The company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.01. The business earned $1.06 billion during the quarter. McCormick & Co. had a return on equity of 26.08% and a net margin of 9.96%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Equities research analysts expect that McCormick & Co. will post $3.75 earnings per share for the current year.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research cut McCormick & Co. from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Deutsche Bank AG reiterated a “hold” rating and set a $110.00 price objective (up previously from $105.00) on shares of McCormick & Co. in a research note on Friday, June 24th. Citigroup Inc. reiterated a “neutral” rating on shares of McCormick & Co. in a research note on Tuesday, July 5th. Finally, Sanford C. Bernstein cut McCormick & Co. from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $113.00 to $104.00 in a research note on Friday. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $97.24.
In other McCormick & Co. news, Director Patricia A. Little sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $107.22, for a total value of $402,075.00. Following the completion of the sale, the director now owns 13,227 shares of the company’s stock, valued at $1,418,198.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gordon Mckenzie Stetz, Jr. sold 38,900 shares of the firm’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $105.17, for a total value of $4,091,113.00. Following the completion of the sale, the chief financial officer now directly owns 94,012 shares of the company’s stock, valued at approximately $9,887,242.04. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.
About McCormick & Co.
McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company operates in two segments: consumer and industrial. Its brands in the Americas include McCormick, Lawry’s, Stubb’s, Club House, Zatarain’s, Thai Kitchen and Simply Asia.
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