36,312 Shares in McCormick & Company, Incorporated $MKC Purchased by Ieq Capital LLC

Key Points

• Ieq Capital LLC has acquired a new position in McCormick & Company, purchasing 36,312 shares valued at approximately $2.99 million in the first quarter.
• McCormick reported earnings of $0.69 per share for the recent quarter, exceeding expectations, while its revenue was slightly below analysts' predictions at $1.66 billion.
• The company declared a quarterly dividend of $0.45 per share, resulting in an annualized yield of 2.6%, with a payout ratio of 62.5%.

Ieq Capital LLC purchased a new position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,312 shares of the company's stock, valued at approximately $2,989,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MKC. Select Equity Group L.P. purchased a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $104,863,000. T. Rowe Price Investment Management Inc. increased its position in 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 worth $340,406,000 after buying an additional 920,618 shares in the last quarter. Balyasny Asset Management L.P. increased its position in McCormick & Company, Incorporated by 47.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock worth $216,771,000 after buying an additional 915,807 shares in the last quarter. Nuveen LLC purchased a new stake in McCormick & Company, Incorporated in the first quarter worth about $55,643,000. Finally, Westfield Capital Management Co. LP purchased a new stake in McCormick & Company, Incorporated in the first quarter worth about $47,056,000. Hedge funds and other institutional investors own 79.74% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MKC. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Citigroup cut their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. Stifel Nicolaus cut their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research report on Tuesday, July 29th. JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $69.00 to $83.00 in a research report on Wednesday, August 20th. Finally, UBS Group cut their target price on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, August 22nd. One research 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.25.

McCormick & Company, Incorporated Stock Up 1.5%

Shares of NYSE:MKC traded up $1.00 on Wednesday, reaching $69.80. The company had a trading volume of 1,795,828 shares, compared to its average volume of 2,318,347. McCormick & Company, Incorporated has a 52-week low of $68.23 and a 52-week high of $86.24. The firm's 50 day simple moving average is $71.70 and its 200-day simple moving average is $75.07. The firm has a market capitalization of $18.73 billion, a PE ratio of 24.24, a PEG ratio of 3.45 and a beta of 0.65. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings results 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. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%.The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the business posted $0.69 EPS. The business'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, analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were given a dividend of $0.45 per share. 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 2.6%. McCormick & Company, Incorporated's payout ratio is currently 62.50%.

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.