McCormick & Company, Incorporated $MKC Shares Sold by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec has reduced its stake in McCormick & Company by 43.1%, selling 37,000 shares and leaving it with 48,850 shares valued at approximately $4 million.
• In the latest earnings report, McCormick reported earnings per share of $0.69, exceeding estimates, with revenue of $1.66 billion, slightly below analyst expectations.
• The company declared a quarterly dividend of $0.45 per share, which translates to an annualized dividend yield of 2.6%.

Caisse DE Depot ET Placement DU Quebec trimmed its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 43.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,850 shares of the company's stock after selling 37,000 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in McCormick & Company, Incorporated were worth $4,021,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MKC. Select Equity Group L.P. acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $104,863,000. T. Rowe Price Investment Management Inc. raised its position in shares of McCormick & Company, Incorporated by 28.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company's stock worth $340,406,000 after purchasing an additional 920,618 shares during the period. Balyasny Asset Management L.P. raised its position in shares of McCormick & Company, Incorporated by 47.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock worth $216,771,000 after purchasing an additional 915,807 shares during the period. Nuveen LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $55,643,000. Finally, Westfield Capital Management Co. LP acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at approximately $47,056,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MKC shares. Citigroup cut their target price 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. JPMorgan Chase & Co. raised McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $69.00 to $83.00 in a research note on Wednesday, August 20th. Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group cut their target price on 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. Finally, Stifel Nicolaus cut their target price on 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 investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.25.

McCormick & Company, Incorporated Price Performance

Shares of MKC stock traded down $1.65 during mid-day trading on Tuesday, hitting $68.73. 1,059,190 shares of the stock traded hands, compared to its average volume of 2,312,436. McCormick & Company, Incorporated has a twelve month low of $68.23 and a twelve month high of $86.24. The firm has a market cap of $18.44 billion, a price-to-earnings ratio of 23.86, a price-to-earnings-growth ratio of 3.45 and a beta of 0.65. The company's 50-day simple moving average is $71.81 and its 200-day simple moving average is $75.11. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68.

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

McCormick & Company, Incorporated Announces Dividend

The company also recently declared 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. The ex-dividend date was Monday, July 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. McCormick & Company, Incorporated's dividend payout ratio (DPR) is 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.