Sawgrass Asset Management Lowers stake in McCormick & Company Incorporated (MKC)

McCormick & Company Incorporated (MKC) : Sawgrass Asset Management reduced its stake in McCormick & Company Incorporated by 16.13% during the most recent quarter end. The investment management company now holds a total of 492,440 shares of McCormick & Company Incorporated which is valued at $49,372,034 after selling 94,680 shares in McCormick & Company Incorporated , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.McCormick & Company Incorporated makes up approximately 2.25% of Sawgrass Asset Management’s portfolio.

Other Hedge Funds, Including , Bridgewater Wealth Financial Management reduced its stake in MKC by selling 6,733 shares or 6.09% in the most recent quarter. The Hedge Fund company now holds 103,784 shares of MKC which is valued at $10,405,384. McCormick & Company Incorporated makes up approx 3.69% of Bridgewater Wealth Financial Management’s portfolio.Dynamic Advisors Solutions reduced its stake in MKC by selling 80 shares or 0.98% in the most recent quarter. The Hedge Fund company now holds 8,096 shares of MKC which is valued at $844,089. McCormick & Company Incorporated makes up approx 0.33% of Dynamic Advisors Solutions’s portfolio.Delta Asset Managementtn reduced its stake in MKC by selling 200 shares or 13.33% in the most recent quarter. The Hedge Fund company now holds 1,300 shares of MKC which is valued at $135,538. McCormick & Company Incorporated makes up approx 0.02% of Delta Asset Managementtn’s portfolio.Regentatlantic Capital reduced its stake in MKC by selling 310 shares or 8.89% in the most recent quarter. The Hedge Fund company now holds 3,176 shares of MKC which is valued at $330,399. McCormick & Company Incorporated makes up approx 0.03% of Regentatlantic Capital’s portfolio.

McCormick & Company Incorporated opened for trading at $100.57 and hit $100.89 on the upside on Monday, eventually ending the session at $100.72, with a gain of 0.40% or 0.4 points. The heightened volatility saw the trading volume jump to 5,47,902 shares. Company has a market cap of $12,756 M.

On the company’s financial health, McCormick & Company Incorporated reported $0.75 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jun 30, 2016. Analyst had a consensus of $0.74. The company had revenue of $1063.30 million for the quarter, compared to analysts expectations of $1062.80 million. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS.

Many Wall Street Analysts have commented on McCormick & Company Incorporated. Company shares were Reiterated by Deutsche Bank on Jul 1, 2016 to “Buy”, Firm has raised the Price Target to $ 113 from a previous price target of $110 .McCormick & Company Incorporated was Upgraded by Citigroup to ” Neutral” on Jun 23, 2016.

McCormick & Company Incorporated manufactures markets and distributes spices seasoning mixes condiments and other flavorful products to the food industry. The Company has two business segments: consumer and industrial. Under the Consumer segment its brands in the Americas include McCormick Lawry’s and Club House. It also markets ethnic brands such as Zatarain’s Thai Kitchen and Simply Asia. In Europe the Middle East and Africa (EMEA) its brands include the Ducros Schwartz and Kamis brands of spices herbs and seasonings and a line of Vahine brand dessert items. In the Asia/Pacific region it markets products under the McCormick and DaQiao brands. In Australia it markets products under the McCormick brand. In India its majority-owned joint venture owns and trades under the Kohinoor brand. In the industrial business segment it offers seasoning blends spices and herbs condiments coating systems and compound flavors to food manufacturers and foodservice customers.

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