McCormick & Company, Incorporated (MKC) Sinking After Posting Q2 Profit Beat, Positive Guidance Update; Chance To Buy?

What does the smart money think about McCormick & Company, Incorporated (NYSE:MKC)?

Of the funds tracked by Insider Monkey, AQR Capital Management, managed by Cliff Asness, holds the biggest position in McCormick & Company, Incorporated (NYSE:MKC). AQR Capital Management has a $24 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the number two spot is Renaissance Technologies, managed by Jim Simons, which held a $20.5 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedgies that hold long positions encompass David Harding’s Winton Capital Management, Israel Englander’s Millennium Management, and David E. Shaw’s D.E. Shaw & Co., L.P.

Now, key hedge funds were leading the bulls’ herd. Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, initiated the largest position in McCormick & Company, Incorporated (NYSE:MKC) during the first quarter. Arrowstreet Capital had $2.5 million invested in the company at the end of the first quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $1.1 million investment in the stock during the quarter. The other funds with brand new McCormick positions are Matthew Hulsizer’s PEAK6 Capital Management, John Burbank’s Passport Capital, and Ken Griffin’s Citadel Investment Group.

The profit beat and optimistic outlook of the company coupled with more smart money managers investing in the stock appears to make McCormick & Company, Incorporated (NYSE:MKC) a good stock to buy at the moment, with the market reacting negatively to the dip in the consumer sales.

Disclosure: None