Comerica Bank Boosts Stake in McCormick & Company, Incorporated $MKC

Key Points

• Comerica Bank increased its stake in McCormick & Company by 28.9%, owning 125,788 shares valued at approximately $10.35 million at the end of the recent quarter.
• McCormick's stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of $84.25.
• The company reported earnings of $0.69 per share in the latest quarter, beating analyst estimates, although revenue was slightly below expectations at $1.66 billion.

Comerica Bank grew its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 28.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 125,788 shares of the company's stock after buying an additional 28,234 shares during the period. Comerica Bank's holdings in McCormick & Company, Incorporated were worth $10,354,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Analysts LLC purchased a new position in shares of McCormick & Company, Incorporated in the first quarter worth $26,000. Zions Bancorporation National Association UT acquired a new stake in shares of McCormick & Company, Incorporated in the first quarter worth $28,000. Wayfinding Financial LLC acquired a new stake in shares of McCormick & Company, Incorporated in the first quarter worth $30,000. Salem Investment Counselors Inc. increased its stake in shares of McCormick & Company, Incorporated by 610.9% in the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock worth $32,000 after acquiring an additional 336 shares during the period. Finally, Stonebridge Financial Group LLC increased its stake in shares of McCormick & Company, Incorporated by 101.0% in the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after acquiring an additional 202 shares during the period. Hedge funds and other institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

MKC has been the topic of a number of research reports. 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. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. 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. 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. Finally, JPMorgan Chase & Co. upgraded shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $69.00 to $83.00 in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.25.

McCormick & Company, Incorporated Stock Down 0.2%

MKC stock opened at $70.41 on Wednesday. The firm has a market cap of $18.90 billion, a PE ratio of 24.45, a P/E/G ratio of 3.46 and a beta of 0.66. 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's fifty day moving average is $72.07 and its 200 day moving average is $75.31. McCormick & Company, Incorporated has a one year low of $68.23 and a one year high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its 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 net margin of 11.50% and a return on equity of 14.43%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter last year, the business earned $0.69 earnings per share. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. On average, research analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a $0.45 dividend. 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%.

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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