Korea Investment CORP Purchases 11,342 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Korea Investment CORP increased its stake in McCormick & Company by 4.3%, acquiring an additional 11,342 shares, bringing its total ownership to 277,019 shares valued at approximately $22.8 million.
• McCormick's recent quarterly earnings of $0.69 per share exceeded analysts' estimates, while revenue of $1.66 billion showed a 1.0% increase from the previous year.
• The company announced a quarterly dividend of $0.45, with a dividend yield of 2.6%, and its dividend payout ratio stands at 62.5%.

Korea Investment CORP raised its stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 277,019 shares of the company's stock after purchasing an additional 11,342 shares during the period. Korea Investment CORP owned 0.10% of McCormick & Company, Incorporated worth $22,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd grew its stake in McCormick & Company, Incorporated by 13.3% in the first quarter. IFM Investors Pty Ltd now owns 49,712 shares of the company's stock valued at $4,091,000 after purchasing an additional 5,829 shares during the last quarter. Sowell Financial Services LLC purchased a new position in McCormick & Company, Incorporated in the first quarter valued at about $260,000. Stratos Wealth Partners LTD. grew its stake in McCormick & Company, Incorporated by 5.7% in the first quarter. Stratos Wealth Partners LTD. now owns 88,287 shares of the company's stock valued at $7,267,000 after purchasing an additional 4,771 shares during the last quarter. Retirement Guys Formula LLC purchased a new position in McCormick & Company, Incorporated in the first quarter valued at about $988,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in McCormick & Company, Incorporated by 10.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,524 shares of the company's stock valued at $3,464,000 after purchasing an additional 3,877 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MKC shares. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group initiated coverage on McCormick & Company, Incorporated in a report on Monday, June 16th. They issued a "neutral" rating and a $83.00 price target for the company. Stifel Nicolaus lowered their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a report on Tuesday, July 29th. Citigroup lowered their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. Finally, JPMorgan Chase & Co. raised McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $69.00 to $83.00 in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, McCormick & Company, Incorporated currently has an average rating of "Moderate Buy" and a consensus target price of $84.75.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $69.8120 on Thursday. 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 company has a market cap of $18.74 billion, a PE ratio of 24.24, a P/E/G ratio of 3.32 and a beta of 0.66. The business has a 50-day simple moving average of $72.31 and a two-hundred day simple moving average of $75.50. McCormick & Company, Incorporated has a fifty-two week low of $68.23 and a fifty-two week high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced 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 firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same period last year, the business posted $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. As a group, equities analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) is presently 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.

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