Legal & General Group Plc Cuts Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• Legal & General Group Plc reduced its stake in McCormick & Company by 2.8% in the fourth quarter, selling 46,707 shares and ending with 1.6 million shares valued at about $109 million.
• McCormick reported strong quarterly results, with earnings per share of $0.66 beating estimates and revenue of $1.87 billion topping expectations; revenue also rose 16.7% year over year.
• The stock is trading near value levels after falling 1.6%, and analysts currently rate it a Hold overall with a consensus price target of $64.27, while the company also pays a 4.1% dividend yield.

Legal & General Group Plc cut its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,600,468 shares of the company's stock after selling 46,707 shares during the quarter. Legal & General Group Plc owned 0.60% of McCormick & Company, Incorporated worth $109,008,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GoalVest Advisory LLC purchased a new position in shares of McCormick & Company, Incorporated in the fourth quarter valued at $28,000. SouthState Bank Corp raised its position in shares of McCormick & Company, Incorporated by 1,777.8% during the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company's stock valued at $34,000 after buying an additional 480 shares in the last quarter. Legacy Wealth Managment LLC ID purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at about $40,000. Elyxium Wealth LLC purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at about $43,000. Finally, Rothschild Investment LLC raised its position in shares of McCormick & Company, Incorporated by 114.0% during the 3rd quarter. Rothschild Investment LLC now owns 762 shares of the company's stock valued at $51,000 after buying an additional 406 shares in the last quarter. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Trading Down 1.6%

MKC stock opened at $46.78 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a twelve month low of $44.82 and a twelve month high of $78.16. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 7.67, a price-to-earnings-growth ratio of 2.33 and a beta of 0.68. The firm's fifty day simple moving average is $50.27 and its two-hundred day simple moving average is $60.63.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 earnings per share. As a group, analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were issued a $0.48 dividend. The ex-dividend date was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.1%. McCormick & Company, Incorporated's dividend payout ratio is presently 31.48%.

Analyst Ratings Changes

Several analysts have recently issued reports on MKC shares. BNP Paribas Exane decreased their target price on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. TD Cowen lowered their price objective on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. HSBC lowered their price objective on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Barclays lowered their price objective on McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research note on Monday, April 27th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $64.27.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley purchased 2,000 shares of the business's stock in a transaction dated Friday, April 10th. The shares were purchased at an average cost of $52.98 per share, for a total transaction of $105,960.00. Following the completion of the acquisition, the director owned 2,906 shares in the company, valued at approximately $153,959.88. This trade represents a 220.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Profile

McCormick & Company, Incorporated NYSE: MKC is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick's product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.