Westpac Banking Corp Lowers Holdings in McCormick & Company, Incorporated (NYSE:MKC)

Westpac Banking Corp trimmed its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 16.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,826 shares of the company’s stock after selling 538 shares during the period. Westpac Banking Corp’s holdings in McCormick & Company, Incorporated were worth $233,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new position in shares of McCormick & Company, Incorporated during the first quarter worth $28,000. Wayfinding Financial LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter worth $30,000. Salem Investment Counselors Inc. boosted its position in shares of McCormick & Company, Incorporated by 610.9% during the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company’s stock worth $32,000 after buying an additional 336 shares during the period. Stonebridge Financial Group LLC boosted its position in shares of McCormick & Company, Incorporated by 101.0% during the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company’s stock worth $33,000 after buying an additional 202 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter worth $33,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Trading Up 2.2%

NYSE:MKC opened at $70.64 on Thursday. The firm has a market cap of $18.96 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 3.32 and a beta of 0.66. The stock has a fifty day moving average price of $72.84 and a 200 day moving average price of $75.77. McCormick & Company, Incorporated has a 12-month low of $68.42 and a 12-month high of $86.24. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the business posted $0.69 earnings per share. McCormick & Company, Incorporated’s revenue was up 1.0% compared to the same quarter last year. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a $0.45 dividend. The ex-dividend date was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 62.50%.

Analyst Ratings Changes

Several research firms have recently commented on MKC. Citigroup lowered their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a “neutral” rating for the company in a research report on Tuesday, June 17th. Stifel Nicolaus lowered their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a “hold” rating for the company in a research report on Tuesday, July 29th. Wall Street Zen upgraded McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research report on Saturday, July 5th. Finally, UBS Group began coverage on McCormick & Company, Incorporated in a research report on Monday, June 16th. They set a “neutral” rating and a $83.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and an average price target of $83.00.

McCormick & Company, Incorporated 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.