Cidel Asset Management Inc. Purchases 16,693 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Cidel Asset Management Inc. increased its position in McCormick & Company by 45.8% during the 2nd quarter, acquiring an additional 16,693 shares to hold 53,126 shares valued at $4,028,000.
• Several institutional investors, including Vanguard Group and T. Rowe Price, have also significantly increased their stakes in McCormick & Company, highlighting strong institutional interest, with 79.74% of the stock owned by institutional investors.
• McCormick & Company's recent earnings report showed earnings per share of $0.85, exceeding expectations, and the company announced a dividend of $0.45 per share for shareholders of record, indicating a 2.7% dividend yield.

Cidel Asset Management Inc. grew its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 45.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 53,126 shares of the company's stock after buying an additional 16,693 shares during the period. Cidel Asset Management Inc.'s holdings in McCormick & Company, Incorporated were worth $4,028,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in 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 acquiring an additional 136,729 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings 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 valued at $340,406,000 after purchasing an additional 920,618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of McCormick & Company, Incorporated by 6.0% in the 1st 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 during the period. Goldman Sachs Group Inc. grew its position in shares of McCormick & Company, Incorporated by 2.6% in the 1st 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 during the period. Finally, Alecta Tjanstepension Omsesidigt increased its stake in McCormick & Company, Incorporated by 94.7% during the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company's stock worth $134,795,000 after purchasing an additional 865,500 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Jefferies Financial Group cut their price target on shares of McCormick & Company, Incorporated from $84.00 to $78.00 and set a "buy" rating on the stock in a research note on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating on the stock in a research report on Thursday, September 25th. Stifel Nicolaus lowered their target price on McCormick & Company, Incorporated from $76.00 to $71.00 and set a "hold" rating for the company in a report on Wednesday, October 8th. Barclays dropped their price target on McCormick & Company, Incorporated from $82.00 to $72.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research report on Tuesday, October 14th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $78.22.

Insider Activity

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction that occurred 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 owned 246,762 shares of the company's stock, valued at approximately $16,251,745.32. This represents a 16.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.80% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Stock Up 1.5%

McCormick & Company, Incorporated stock opened at $67.58 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.29 and a debt-to-equity ratio of 0.54. McCormick & Company, Incorporated has a 1-year low of $63.66 and a 1-year high of $86.24. The company has a fifty day simple moving average of $68.15 and a 200 day simple moving average of $71.85. The company has a market cap of $18.14 billion, a P/E ratio of 23.38, a price-to-earnings-growth ratio of 3.91 and a beta of 0.63.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 7th. The company reported $0.85 EPS for the quarter, topping analysts' consensus estimates 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 quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. 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 business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $1.80 annualized dividend and a dividend yield of 2.7%. McCormick & Company, Incorporated's payout ratio is 62.28%.

McCormick & Company, Incorporated Company 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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