Traders Buy MCCORMICK & CO /SH (MKC) on Weakness on Insider Selling

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Traders bought shares of MCCORMICK & CO /SH NV (NYSE:MKC) on weakness during trading on Wednesday after an insider sold shares in the company. $147.39 million flowed into the stock on the tick-up and $38.53 million flowed out of the stock on the tick-down, for a money net flow of $108.86 million into the stock. Of all equities tracked, MCCORMICK & CO /SH had the 15th highest net in-flow for the day. MCCORMICK & CO /SH traded down ($0.75) for the day and closed at $144.00Specifically, Director Alan D. Wilson sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $125.30, for a total transaction of $12,530,000.00. Following the completion of the sale, the director now owns 212,894 shares of the company’s stock, valued at approximately $26,675,618.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 24th. The stock was sold at an average price of $142.00, for a total transaction of $710,000.00. Following the sale, the director now directly owns 19,864 shares of the company’s stock, valued at approximately $2,820,688. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 274,500 shares of company stock valued at $37,157,251. Insiders own 19.20% of the company’s stock.

Several analysts have recently commented on the stock. UBS Group set a $130.00 price objective on shares of MCCORMICK & CO /SH and gave the stock a “hold” rating in a research report on Friday, September 28th. Jefferies Financial Group reaffirmed a “buy” rating and set a $150.00 price objective on shares of MCCORMICK & CO /SH in a research report on Wednesday, October 3rd. Credit Suisse Group set a $137.00 price objective on shares of MCCORMICK & CO /SH and gave the stock a “buy” rating in a research report on Friday, September 28th. Stifel Nicolaus raised their price objective on shares of MCCORMICK & CO /SH from $117.00 to $125.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Finally, Zacks Investment Research downgraded shares of MCCORMICK & CO /SH from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $124.44.

The company has a current ratio of 0.79, a quick ratio of 0.36 and a debt-to-equity ratio of 1.37. The stock has a market cap of $18.22 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 3.12 and a beta of 0.57.

MCCORMICK & CO /SH (NYSE:MKC) last posted its quarterly earnings results on Thursday, September 27th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.01. MCCORMICK & CO /SH had a net margin of 16.57% and a return on equity of 21.83%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the firm posted $1.12 EPS. MCCORMICK & CO /SH’s revenue was up 13.5% compared to the same quarter last year. Equities research analysts anticipate that MCCORMICK & CO /SH NV will post 4.99 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 23rd. Investors of record on Tuesday, October 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.44%. The ex-dividend date was Friday, October 5th. MCCORMICK & CO /SH’s payout ratio is currently 48.83%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. acquired a new stake in MCCORMICK & CO /SH in the 2nd quarter valued at $111,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in MCCORMICK & CO /SH during the 2nd quarter worth $125,000. IMS Capital Management purchased a new position in MCCORMICK & CO /SH during the 2nd quarter worth $128,000. Fort L.P. purchased a new position in MCCORMICK & CO /SH during the 2nd quarter worth $134,000. Finally, Squar Milner Financial Services LLC purchased a new position in MCCORMICK & CO /SH during the 2nd quarter worth $135,000. 80.54% of the stock is owned by institutional investors and hedge funds.

MCCORMICK & CO /SH Company Profile (NYSE:MKC)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.

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