Carnegie Investment Counsel Has $7 Million Stake in McCormick & Company, Incorporated $MKC

Key Points

• Carnegie Investment Counsel has reduced its stake in McCormick & Company, Incorporated by 4.6%, holding 92,276 shares valued at approximately $7 million.
• Several institutional investors, including Vanguard Group and T. Rowe Price, have increased their positions in McCormick, showing strong investor interest, with 79.74% of the stock currently owned by institutional investors.
• McCormick recently reported quarterly earnings of $0.85 per share, exceeding estimates, and announced a quarterly dividend of $0.45 per share, reflecting a dividend yield of 2.7%.

Carnegie Investment Counsel trimmed its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,276 shares of the company's stock after selling 4,478 shares during the period. Carnegie Investment Counsel's holdings in McCormick & Company, Incorporated were worth $6,996,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of McCormick & Company, Incorporated by 0.4% in the first quarter. Vanguard Group Inc. now owns 31,874,039 shares of the company's stock valued at $2,623,552,000 after buying an additional 136,729 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in McCormick & Company, Incorporated by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,230,719 shares of the company's stock valued at $265,920,000 after purchasing an additional 184,230 shares in the last quarter. Goldman Sachs Group Inc. raised its position in McCormick & Company, Incorporated by 2.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company's stock valued at $194,253,000 after purchasing an additional 60,604 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt raised its position in McCormick & Company, Incorporated by 94.7% during the second quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company's stock valued at $134,795,000 after purchasing an additional 865,500 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on MKC. Stifel Nicolaus lowered their price objective on shares of McCormick & Company, Incorporated from $76.00 to $71.00 and set a "hold" rating for the company in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th. UBS Group lowered their price objective on shares of McCormick & Company, Incorporated from $71.00 to $70.00 and set a "neutral" rating for the company in a research report on Wednesday, October 8th. Weiss Ratings restated a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research report on Tuesday, October 14th. Finally, Jefferies Financial Group lowered their price objective on shares of McCormick & Company, Incorporated from $84.00 to $78.00 and set a "buy" rating for the company in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of "Hold" and a consensus price target of $78.22.

Insiders Place Their Bets

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $65.86, for a total value of $3,293,000.00. Following the completion of the sale, the insider directly owned 246,762 shares in the company, valued at $16,251,745.32. This represents a 16.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 23.80% of the stock is owned by insiders.

McCormick & Company, Incorporated Stock Down 0.8%

Shares of NYSE:MKC opened at $66.86 on Friday. The company has a fifty day moving average of $67.91 and a 200-day moving average of $71.59. The company has a market capitalization of $17.94 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 3.94 and a beta of 0.63. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.29 and a current ratio of 0.71. McCormick & Company, Incorporated has a 52-week low of $63.66 and a 52-week high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.71 billion. McCormick & Company, Incorporated had a net margin of 11.46% and a return on equity of 14.30%. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. On average, equities analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Tuesday, October 14th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, October 14th. McCormick & Company, Incorporated's dividend payout ratio is presently 62.28%.

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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