McCormick & Company, Incorporated $MKC Stake Boosted by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. significantly increased its stake in McCormick & Company, acquiring 1,467,254 shares during the first quarter, bringing their total ownership to approximately 0.59% of the company's shares valued at $129.6 million.
• Several institutional investors, including T. Rowe Price and Nuveen LLC, have also made moves in McCormick's stocks, contributing to a combined institutional ownership of 79.74%.
• Research analysts have set varying target prices for McCormick's shares, with recent reports showing an average target price of $84.25 and ratings ranging from "Strong Buy" to "Hold."

Alyeska Investment Group L.P. increased its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 1,360.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,575,104 shares of the company's stock after purchasing an additional 1,467,254 shares during the quarter. Alyeska Investment Group L.P. owned 0.59% of McCormick & Company, Incorporated worth $129,647,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MKC. Select Equity Group L.P. bought a new stake in McCormick & Company, Incorporated in the fourth quarter valued at $104,863,000. T. Rowe Price Investment Management Inc. lifted its stake in McCormick & Company, Incorporated by 28.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company's stock valued at $340,406,000 after buying an additional 920,618 shares during the last quarter. Nuveen LLC bought a new stake in McCormick & Company, Incorporated in the first quarter valued at $55,643,000. Westfield Capital Management Co. LP bought a new stake in McCormick & Company, Incorporated in the first quarter valued at $47,056,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in McCormick & Company, Incorporated by 88.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 879,260 shares of the company's stock valued at $67,035,000 after buying an additional 412,074 shares during the last quarter. 79.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

McCormick & Company, Incorporated Price Performance

NYSE:MKC traded up $0.80 during mid-day trading on Friday, reaching $70.93. 2,583,971 shares of the stock were exchanged, compared to its average volume of 2,298,129. The business has a fifty day moving average price of $71.36 and a 200 day moving average price of $74.95. The firm has a market capitalization of $19.03 billion, a PE ratio of 24.63, a PEG ratio of 3.44 and a beta of 0.65. McCormick & Company, Incorporated has a 1-year low of $68.23 and a 1-year high of $86.24. 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 released its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%.McCormick & Company, Incorporated's revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 earnings per share. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. Research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were issued 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 of this dividend was Monday, July 7th. McCormick & Company, Incorporated's payout ratio is presently 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.