Short Interest in McCormick & Company, Incorporated (NYSE:MKC) Drops By 12.7%

McCormick & Company, Incorporated (NYSE:MKC) saw a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 5,650,000 shares, a decrease of 12.7% from the August 31st total of 6,470,000 shares. Based on an average daily trading volume, of 1,900,000 shares, the days-to-cover ratio is currently 3.0 days.

McCormick & Company, Incorporated Trading Down 0.0 %

NYSE:MKC opened at $83.24 on Monday. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $79.67 and a 200-day simple moving average of $74.94. The company has a market capitalization of $22.36 billion, a PE ratio of 30.38, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76.

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, topping analysts’ consensus estimates of $0.59 by $0.10. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts expect that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a dividend yield of 2.02%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insiders Place Their Bets

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’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 owns 199,258 shares in the company, valued at $14,944,350. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.90% of the stock is owned by insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Heritage Wealth Management Inc. acquired a new position in McCormick & Company, Incorporated in the 2nd quarter valued at about $227,000. Sanctuary Advisors LLC acquired a new position in shares of McCormick & Company, Incorporated in the second quarter valued at approximately $5,298,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of McCormick & Company, Incorporated during the second quarter valued at approximately $39,000. EP Wealth Advisors LLC boosted its position in McCormick & Company, Incorporated by 7.3% during the second quarter. EP Wealth Advisors LLC now owns 4,915 shares of the company’s stock worth $349,000 after acquiring an additional 336 shares during the last quarter. Finally, Creative Planning grew its stake in McCormick & Company, Incorporated by 9.7% in the 2nd quarter. Creative Planning now owns 134,263 shares of the company’s stock worth $9,525,000 after acquiring an additional 11,923 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. TD Cowen lowered their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Finally, Bank of America raised their price objective on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $76.14.

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.