Alecta Tjanstepension Omsesidigt Has $134.80 Million Position in McCormick & Company, Incorporated $MKC

Key Points

• Alecta Tjanstepension Omsesidigt increased its stake in McCormick & Company, Incorporated by 94.7%, acquiring 1,779,000 shares valued at approximately $134.80 million.
• Recent analyst ratings for McCormick show mixed sentiments, with upgrades from JPMorgan Chase while UBS and Wall Street Zen issued price target reductions and downgrades.
• The company reported earnings of $0.69 per share for the last quarter, slightly exceeding analysts' estimates, and announced a quarterly dividend of $0.45 per share, indicating a healthy dividend yield of 2.7%.

Alecta Tjanstepension Omsesidigt raised its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 94.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,779,000 shares of the company's stock after purchasing an additional 865,500 shares during the period. Alecta Tjanstepension Omsesidigt owned 0.66% of McCormick & Company, Incorporated worth $134,795,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Analysts LLC acquired a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $26,000. Zions Bancorporation National Association UT acquired a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $28,000. Wayfinding Financial LLC acquired a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $30,000. Salem Investment Counselors Inc. grew its stake in shares of McCormick & Company, Incorporated by 610.9% in the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after acquiring an additional 336 shares in the last quarter. Finally, Stonebridge Financial Group LLC grew its stake in shares of McCormick & Company, Incorporated by 101.0% in the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after acquiring an additional 202 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MKC has been the topic of several research reports. UBS Group decreased their price target on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, August 22nd. Wall Street Zen downgraded shares of McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Stifel Nicolaus decreased their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research note on Tuesday, July 29th. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $69.00 to $83.00 in a research report on Wednesday, August 20th. Finally, Citigroup cut their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $84.25.

McCormick & Company, Incorporated Stock Down 0.4%

Shares of NYSE MKC opened at $66.83 on Thursday. The company has a 50 day simple moving average of $70.33 and a 200 day simple moving average of $74.26. The firm has a market cap of $17.94 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 3.30 and a beta of 0.65. McCormick & Company, Incorporated has a 1 year low of $65.95 and a 1 year high of $86.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

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 analysts' consensus estimates of $0.65 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. On average, research analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is currently 62.50%.

About McCormick & Company, Incorporated

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.

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