Adage Capital Partners GP L.L.C. Decreases Stock Holdings in McCormick & Company, Incorporated $MKC

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in McCormick & Company by 2.2%, now holding 230,430 shares valued at approximately $18.97 million.
• Major institutional investors have been active, with T. Rowe Price increasing its stake by 28.6% during the first quarter and other funds like Select Equity and Nuveen also purchasing significant shares.
• The company reported earnings of $0.69 per share for the last quarter, slightly exceeding estimates, while analysts maintain a Moderate Buy average rating and a target price of $84.25.

Adage Capital Partners GP L.L.C. lessened its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,430 shares of the company's stock after selling 5,200 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.09% of McCormick & Company, Incorporated worth $18,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cary Street Partners Financial LLC acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at about $564,000. Cetera Investment Advisers raised its position in McCormick & Company, Incorporated by 6.3% during the fourth quarter. Cetera Investment Advisers now owns 36,248 shares of the company's stock valued at $2,764,000 after acquiring an additional 2,142 shares in the last quarter. Colonial Trust Co SC lifted its holdings in McCormick & Company, Incorporated by 69.0% in the fourth quarter. Colonial Trust Co SC now owns 566 shares of the company's stock valued at $43,000 after acquiring an additional 231 shares during the period. EP Wealth Advisors LLC boosted its position in McCormick & Company, Incorporated by 6.3% in the 4th quarter. EP Wealth Advisors LLC now owns 5,988 shares of the company's stock worth $457,000 after purchasing an additional 357 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of McCormick & Company, Incorporated by 21.1% during the 4th quarter. Deutsche Bank AG now owns 1,194,217 shares of the company's stock worth $91,047,000 after purchasing an additional 208,144 shares during the period. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Price Performance

NYSE:MKC traded up $1.26 during trading hours on Thursday, hitting $69.84. 2,007,982 shares of the stock were exchanged, compared to its average volume of 2,325,772. McCormick & Company, Incorporated has a 52-week low of $67.71 and a 52-week high of $86.24. The firm's fifty day moving average price is $70.83 and its 200 day moving average price is $74.67. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. The company has a market cap of $18.74 billion, a P/E ratio of 24.25, a P/E/G ratio of 3.37 and a beta of 0.65.

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

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. McCormick & Company, Incorporated's dividend payout ratio is presently 62.50%.

Analyst Ratings Changes

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

McCormick & Company, Incorporated 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.