Mawer Investment Management Ltd. Sells 76,805 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Mawer Investment Management cut its McCormick stake by 16.1% in the fourth quarter, selling 76,805 shares and leaving it with 400,074 shares worth about $27.25 million.
• McCormick reported better-than-expected quarterly results, posting EPS of $0.66 versus estimates of $0.61 and revenue of $1.87 billion versus $1.79 billion expected; revenue rose 16.7% year over year.
• The company also paid a $0.48 quarterly dividend (4.1% annualized yield), while analysts remain cautious overall with a Hold consensus and an average price target of $64.27.

Mawer Investment Management Ltd. decreased its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 16.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 400,074 shares of the company's stock after selling 76,805 shares during the quarter. Mawer Investment Management Ltd. owned approximately 0.15% of McCormick & Company, Incorporated worth $27,249,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MKC. GoalVest Advisory LLC bought a new position in McCormick & Company, Incorporated in the 4th quarter valued at $28,000. SouthState Bank Corp raised its position in McCormick & Company, Incorporated by 1,777.8% in the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company's stock valued at $34,000 after purchasing an additional 480 shares during the last quarter. Legacy Wealth Managment LLC ID bought a new position in McCormick & Company, Incorporated in the 4th quarter valued at $40,000. Elyxium Wealth LLC bought a new position in McCormick & Company, Incorporated in the 4th quarter valued at $43,000. Finally, Rothschild Investment LLC raised its position in McCormick & Company, Incorporated by 114.0% in the 3rd quarter. Rothschild Investment LLC now owns 762 shares of the company's stock valued at $51,000 after purchasing an additional 406 shares during the last quarter. Institutional investors own 79.74% of the company's stock.

Insider Buying and Selling

In related news, Director Gavin Hattersley acquired 2,000 shares of the company's stock in a transaction that occurred on Friday, April 10th. The stock was acquired at an average price 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 of the company's stock, valued at $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. Corporate insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Trading Down 1.8%

NYSE MKC opened at $46.54 on Tuesday. The stock has a 50-day simple moving average of $49.97 and a 200 day simple moving average of $60.38. The company has a market capitalization of $12.51 billion, a PE ratio of 7.63, a P/E/G ratio of 2.32 and a beta of 0.65. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. McCormick & Company, Incorporated has a 12 month low of $44.82 and a 12 month high of $78.16.

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

McCormick & Company, Incorporated Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MKC. JPMorgan Chase & Co. cut their price objective on McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft dropped their target price on McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating for the company in a research report on Monday, March 30th. Weiss Ratings restated a "hold (c-)" rating on shares of McCormick & Company, Incorporated in a research report on Monday, April 27th. HSBC dropped their target price on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a research report on Thursday, March 26th. Finally, TD Cowen dropped their target price on McCormick & Company, Incorporated from $75.00 to $64.00 and set a "buy" rating for the company in a research report on Wednesday, March 25th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $64.27.

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.

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