Bright Rock Capital Management LLC Makes New Investment in McCormick & Company, Incorporated $MKC

Key Points

• Bright Rock Capital Management LLC has invested approximately $7.58 million in 100,000 shares of McCormick & Company, making it the firm's 29th largest position.
• McCormick's stock has a current market capitalization of $17.94 billion, with a PE ratio of 23.20, and it reported quarterly earnings exceeding analyst expectations by $0.04.
• The company recently announced a quarterly dividend of $0.45 per share, resulting in an annualized dividend yield of 2.7%.

Bright Rock Capital Management LLC acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 100,000 shares of the company's stock, valued at approximately $7,582,000. McCormick & Company, Incorporated makes up 1.5% of Bright Rock Capital Management LLC's portfolio, making the stock its 29th largest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MKC. Capital Analysts LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $26,000. Zions Bancorporation National Association UT acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at $28,000. Wayfinding Financial LLC acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at $30,000. Salem Investment Counselors Inc. boosted its stake in McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after buying an additional 336 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in McCormick & Company, Incorporated in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 79.74% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MKC. Citigroup decreased their price target on 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. UBS Group cut their price objective on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. Stifel Nicolaus cut their price objective 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. JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $69.00 to $83.00 in a research report on Wednesday, August 20th. Finally, Wall Street Zen downgraded McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. One equities 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.25.

McCormick & Company, Incorporated Trading Down 1.0%

NYSE:MKC traded down $0.65 on Monday, reaching $64.83. The company's stock had a trading volume of 712,002 shares, compared to its average volume of 2,310,249. McCormick & Company, Incorporated has a 1-year low of $64.53 and a 1-year high of $86.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. The firm has a market cap of $17.40 billion, a PE ratio of 22.51, a PEG ratio of 3.22 and a beta of 0.65. The business's 50-day moving average price is $70.08 and its two-hundred day moving average price is $73.90.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations 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 for the quarter 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. Equities research analysts anticipate 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 disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is currently 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.