Ipswich Investment Management Lowers stake in McCormick & Company Incorporated (MKC)

McCormick & Company Incorporated (MKC) : Ipswich Investment Management reduced its stake in McCormick & Company Incorporated by 36.91% during the most recent quarter end. The investment management company now holds a total of 35,988 shares of McCormick & Company Incorporated which is valued at $3.5 Million after selling 21,051 shares in McCormick & Company Incorporated , the firm said in a disclosure report filed with the SEC on May 11, 2016.McCormick & Company Incorporated makes up approximately 1.71% of Ipswich Investment Management’s portfolio.

Other Hedge Funds, Including , Bessemer Group Inc boosted its stake in MKC in the latest quarter, The investment management firm added 138,205 additional shares and now holds a total of 207,241 shares of McCormick & Company Incorporated which is valued at $20.4 Million. McCormick & Company Incorporated makes up approx 0.12% of Bessemer Group Inc’s portfolio.Congress Asset Management Co reduced its stake in MKC by selling 92 shares or 2.68% in the most recent quarter. The Hedge Fund company now holds 3,338 shares of MKC which is valued at $328,259. McCormick & Company Incorporated makes up approx 0.01% of Congress Asset Management Co’s portfolio.Sandy Spring Bank reduced its stake in MKC by selling 675 shares or 3.69% in the most recent quarter. The Hedge Fund company now holds 17,597 shares of MKC which is valued at $1.7 Million. McCormick & Company Incorporated makes up approx 0.19% of Sandy Spring Bank’s portfolio. Hl Financial Services added MKC to its portfolio by purchasing 2,300 company shares during the most recent quarter which is valued at $215,694. McCormick & Company Incorporated makes up approx 0.01% of Hl Financial Services’s portfolio.

McCormick & Company Incorporated opened for trading at $98.37 and hit $98.88 on the upside on Monday, eventually ending the session at $98.79, with a gain of 0.46% or 0.45 points. The heightened volatility saw the trading volume jump to 4,28,371 shares. Company has a market cap of $12,539 M.

On the company’s financial health, McCormick & Company Incorporated reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Mar 29, 2016. Analyst had a consensus of $0.69. The company had revenue of $1030.20 million for the quarter, compared to analysts expectations of $1029.63 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS.

Many Wall Street Analysts have commented on McCormick & Company Incorporated. Credit Suisse Resumed McCormick & Company Incorporated on Apr 20, 2016 to “Neutral”, Price Target of the shares are set at $95.McCormick & Company Incorporated was Downgraded by BB&T Capital Mkts to ” Hold” on Feb 18, 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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