Allstate Corp Purchases 3,507 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Allstate Corp has increased its stake in McCormick & Company by 46.5% during the first quarter, now holding 11,052 shares valued at approximately $910,000.
• JPMorgan Chase & Co. upgraded McCormick's rating from "neutral" to "overweight" with a new price target set at $83.00, while other analysts have varied their price targets between $76.00 and $84.25.
• McCormick announced a quarterly dividend of $0.45 per share, representing an annual yield of 2.5% and a payout ratio of 62.5%.

Allstate Corp lifted its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 46.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,052 shares of the company's stock after acquiring an additional 3,507 shares during the quarter. Allstate Corp's holdings in McCormick & Company, Incorporated were worth $910,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital Analysts LLC bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter worth $26,000. Zions Bancorporation National Association UT bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter worth $28,000. Wayfinding Financial LLC bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter worth $30,000. Salem Investment Counselors Inc. grew its stake in shares of McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock worth $32,000 after acquiring an additional 336 shares in the last quarter. Finally, Stonebridge Financial Group LLC boosted its holdings in shares of McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after buying an additional 202 shares during the last quarter. Institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MKC shares. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. Citigroup cut their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, June 17th. Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Stifel Nicolaus cut 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 report on Tuesday, July 29th. Finally, UBS Group cut 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 report on Friday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.25.

McCormick & Company, Incorporated Price Performance

NYSE MKC opened at $72.2360 on Monday. The company has a market cap of $19.39 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 3.47 and a beta of 0.66. McCormick & Company, Incorporated has a 52 week low of $68.23 and a 52 week high of $86.24. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. The firm's 50-day simple moving average is $72.18 and its two-hundred day simple moving average is $75.40.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $0.69 EPS 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 net margin of 11.50% and a return on equity of 14.43%. The company's revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 earnings per share. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. Research analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders 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 annualized dividend and a yield of 2.5%. McCormick & Company, Incorporated's dividend payout ratio is 62.50%.

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.

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