Sawgrass Asset Management LLC Raises Stake in McCormick & Company, Incorporated (MKC)

Sawgrass Asset Management LLC lifted its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 5.6% in the fourth quarter, Holdings Channel reports. The fund owned 558,546 shares of the company’s stock after acquiring an additional 29,618 shares during the quarter. McCormick & Company, Incorporated makes up approximately 2.6% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 6th biggest position. Sawgrass Asset Management LLC’s holdings in McCormick & Company, Incorporated were worth $56,921,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Amundi Pioneer Asset Management Inc. increased its holdings in McCormick & Company, Incorporated by 81.9% in the third quarter. Amundi Pioneer Asset Management Inc. now owns 1,629,070 shares of the company’s stock worth $167,208,000 after purchasing an additional 733,375 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in McCormick & Company, Incorporated by 4.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,067,951 shares of the company’s stock worth $108,835,000 after purchasing an additional 41,446 shares in the last quarter. Swiss National Bank increased its holdings in McCormick & Company, Incorporated by 4.8% in the fourth quarter. Swiss National Bank now owns 962,948 shares of the company’s stock worth $98,134,000 after purchasing an additional 44,100 shares in the last quarter. Congress Asset Management Co. MA increased its holdings in McCormick & Company, Incorporated by 5.1% in the fourth quarter. Congress Asset Management Co. MA now owns 815,348 shares of the company’s stock worth $83,092,000 after purchasing an additional 39,266 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in McCormick & Company, Incorporated by 6.9% in the third quarter. Legal & General Group Plc now owns 721,107 shares of the company’s stock worth $74,015,000 after purchasing an additional 46,561 shares in the last quarter. Institutional investors and hedge funds own 76.46% of the company’s stock.

A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Tuesday, February 13th. Jefferies Group reissued a “buy” rating and issued a $120.00 price objective on shares of McCormick & Company, Incorporated in a research note on Thursday, January 25th. Stifel Nicolaus raised their price objective on McCormick & Company, Incorporated from $103.00 to $110.00 and gave the company a “hold” rating in a research note on Friday, January 26th. UBS Group raised their price objective on McCormick & Company, Incorporated from $100.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Finally, Credit Suisse Group set a $115.00 price objective on McCormick & Company, Incorporated and gave the company a “buy” rating in a research note on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $107.67.

Shares of McCormick & Company, Incorporated (NYSE:MKC) opened at $104.60 on Wednesday. The company has a quick ratio of 0.42, a current ratio of 0.83 and a debt-to-equity ratio of 1.73. McCormick & Company, Incorporated has a one year low of $90.25 and a one year high of $109.67. The company has a market capitalization of $13,831.58, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 2.31 and a beta of 0.61.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Thursday, January 25th. The company reported $1.54 EPS for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.02. McCormick & Company, Incorporated had a return on equity of 25.30% and a net margin of 9.88%. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the firm posted $1.27 earnings per share. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. equities research analysts expect that McCormick & Company, Incorporated will post 4.88 EPS for the current fiscal year.

In related news, Director Patricia A. Little sold 6,250 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $108.63, for a total transaction of $678,937.50. Following the transaction, the director now owns 15,497 shares of the company’s stock, valued at $1,683,439.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael R. Smith sold 2,575 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $107.96, for a total value of $277,997.00. Following the transaction, the vice president now directly owns 17,312 shares in the company, valued at approximately $1,869,003.52. The disclosure for this sale can be found here. 15.30% of the stock is owned by insiders.

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About McCormick & Company, Incorporated

McCormick & Company, Incorporated is engaged in manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products to the food industry, including retailers, food manufacturers and foodservice businesses. The Company’s segments include consumer and industrial. The Company is involved in the manufacturing and sales of flavorful products.

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Institutional Ownership by Quarter for McCormick & Company, Incorporated (NYSE:MKC)

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