Contravisory Investment Management Inc. Invests $480,000 in McCormick & Company, Incorporated $MKC

Key Points

• Contravisory Investment Management Inc. has made a new investment in McCormick & Company, purchasing 6,333 shares valued at approximately $480,000.
• Recently issued quarterly earnings showed that McCormick reported $0.69 earnings per share (EPS), beating estimates, while revenue was slightly below expectations at $1.66 billion.
• The company has declared a quarterly dividend of $0.45 per share, with an annualized amount of $1.80 and a yield of 2.7%.

Contravisory Investment Management Inc. purchased a new position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,333 shares of the company's stock, valued at approximately $480,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MKC. Tidal Investments LLC grew its holdings in McCormick & Company, Incorporated by 72.2% during the fourth quarter. Tidal Investments LLC now owns 31,894 shares of the company's stock worth $2,432,000 after purchasing an additional 13,370 shares during the period. Two Sigma Investments LP bought a new position in McCormick & Company, Incorporated during the fourth quarter worth about $1,518,000. Vident Advisory LLC grew its holdings in McCormick & Company, Incorporated by 14.1% during the fourth quarter. Vident Advisory LLC now owns 3,996 shares of the company's stock worth $305,000 after purchasing an additional 495 shares during the period. Woodline Partners LP bought a new position in McCormick & Company, Incorporated during the fourth quarter worth about $1,155,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of McCormick & Company, Incorporated by 1.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,046,489 shares of the company's stock worth $232,264,000 after buying an additional 43,353 shares during the period. Institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

NYSE MKC traded down $0.74 during trading on Monday, reaching $64.74. The company's stock had a trading volume of 1,957,733 shares, compared to its average volume of 2,256,991. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 3.22 and a beta of 0.65. McCormick & Company, Incorporated has a 12 month low of $64.53 and a 12 month high of $86.24. The firm has a 50 day moving average price of $69.94 and a 200 day moving average price of $73.78.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The business's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. As a group, equities analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were issued a $0.45 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.8%. McCormick & Company, Incorporated's payout ratio is currently 62.50%.

Wall Street Analyst Weigh In

MKC has been the subject of several research analyst reports. UBS Group reduced their target price on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. Wall Street Zen downgraded shares of McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. Stifel Nicolaus reduced their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a report on Tuesday, July 29th. Finally, Citigroup reduced their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.25.

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.