Eventide Asset Management LLC Invests $14.07 Million in McCormick & Company, Incorporated $MKC

Key Points

• Eventide Asset Management LLC acquired 171,051 shares of McCormick & Company, valued at approximately $14.07 million, representing 0.06% ownership in the company.
• Analyst ratings for McCormick's stock have varied, with Citigroup lowering its price target to $77.00, while JPMorgan upgraded it to an overweight rating with a price target of $83.00.
• The company has reported a quarterly earnings increase, with a net revenue of $1.66 billion and earnings per share surpassing estimates, while also announcing a quarterly dividend of $0.45.

Eventide Asset Management LLC bought a new stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 171,051 shares of the company's stock, valued at approximately $14,071,000. Eventide Asset Management LLC owned about 0.06% of McCormick & Company, Incorporated as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Alliancebernstein L.P. raised its position in shares of McCormick & Company, Incorporated by 36.1% during the 1st quarter. Alliancebernstein L.P. now owns 374,476 shares of the company's stock valued at $30,823,000 after acquiring an additional 99,292 shares during the last quarter. AQR Capital Management LLC raised its position in shares of McCormick & Company, Incorporated by 128.6% during the 1st quarter. AQR Capital Management LLC now owns 576,377 shares of the company's stock valued at $47,442,000 after acquiring an additional 324,277 shares during the last quarter. Alyeska Investment Group L.P. raised its position in shares of McCormick & Company, Incorporated by 1,360.5% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,575,104 shares of the company's stock valued at $129,647,000 after acquiring an additional 1,467,254 shares during the last quarter. Amundi raised its position in shares of McCormick & Company, Incorporated by 1.8% during the 1st quarter. Amundi now owns 1,396,649 shares of the company's stock valued at $112,905,000 after acquiring an additional 24,203 shares during the last quarter. Finally, 1 North Wealth Services LLC bought a new stake in shares of McCormick & Company, Incorporated during the 1st quarter valued at $62,000. Institutional investors own 79.74% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MKC. Citigroup decreased their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. UBS Group reduced their target price on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. Finally, Stifel Nicolaus reduced their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of "Moderate Buy" and an average price target of $84.25.

McCormick & Company, Incorporated Stock Performance

Shares of MKC traded up $0.80 during midday trading on Friday, reaching $70.93. The stock had a trading volume of 2,583,971 shares, compared to its average volume of 2,298,129. The firm has a 50 day simple moving average of $71.36 and a 200-day simple moving average of $74.92. McCormick & Company, Incorporated has a one year low of $68.23 and a one year high of $86.24. The firm has a market cap of $19.03 billion, a PE ratio of 24.63, a P/E/G ratio of 3.48 and a beta of 0.65. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm posted $0.69 EPS. The company's quarterly revenue was up 1.0% on a year-over-year basis. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. As a group, sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 62.50%.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.