Covea Finance Sells 6,000 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Covea Finance reduced its stake in McCormick & Company, Incorporated by 1.8% in Q2, now holding 333,510 shares valued at approximately $25.3 million after selling 6,000 shares.
• McCormick reported $1.66 billion in revenue for the last quarter, which was slightly below analysts' expectations, while earnings per share (EPS) were $0.69, exceeding estimates.
• Current consensus rating for McCormick's stock is "Moderate Buy" with a target price of $84.25, though some analysts have lowered their target prices recently.

Covea Finance decreased its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 1.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 333,510 shares of the company's stock after selling 6,000 shares during the quarter. Covea Finance owned 0.12% of McCormick & Company, Incorporated worth $25,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Capital Analysts LLC bought a new position in McCormick & Company, Incorporated in the first quarter worth approximately $26,000. Zions Bancorporation National Association UT bought a new position in McCormick & Company, Incorporated in the first quarter worth approximately $28,000. Wayfinding Financial LLC bought a new position in McCormick & Company, Incorporated in the first quarter worth approximately $30,000. Salem Investment Counselors Inc. grew its stake in 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 purchasing an additional 336 shares in the last quarter. Finally, Stonebridge Financial Group LLC grew its stake in 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 purchasing an additional 202 shares in the last quarter. Institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Price Performance

NYSE:MKC opened at $64.74 on Tuesday. McCormick & Company, Incorporated has a 52 week low of $64.53 and a 52 week high of $86.24. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $17.38 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 3.22 and a beta of 0.65. The stock's 50-day moving average price is $69.94 and its 200-day moving average price is $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, topping 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 in the previous year, the firm posted $0.69 EPS. McCormick & Company, Incorporated's revenue 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. As a group, equities analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MKC. Wall Street Zen cut McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Citigroup dropped their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 17th. Stifel Nicolaus dropped their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research report on Tuesday, July 29th. UBS Group dropped their target price on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Finally, JPMorgan Chase & Co. raised McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and increased their target price for the company from $69.00 to $83.00 in a research report on Wednesday, August 20th. 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. According to data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of "Moderate Buy" and a consensus target price of $84.25.

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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