Rafferty Asset Management LLC Sells 4,480 Shares of McCormick & Company, Incorporated $MKC

Key Points

• Rafferty Asset Management LLC has reduced its stake in McCormick & Company by 20.5%, now holding 17,410 shares valued at approximately $1.43 million.
• Several investors, including Salem Investment Counselors Inc. and Stonebridge Financial Group LLC, have increased or initiated positions in McCormick during the first quarter.
• McCormick's stock is currently rated as a "Moderate Buy" with an average price target of $84.25, despite recent adjustments to lower price targets by some analysts.

Rafferty Asset Management LLC trimmed its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 20.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,410 shares of the company's stock after selling 4,480 shares during the period. Rafferty Asset Management LLC's holdings in McCormick & Company, Incorporated were worth $1,433,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Analysts LLC acquired a new position in McCormick & Company, Incorporated in the first quarter valued at about $26,000. Zions Bancorporation National Association UT acquired a new position in McCormick & Company, Incorporated in the first quarter valued at about $28,000. Wayfinding Financial LLC acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $30,000. Salem Investment Counselors Inc. raised its position in shares of McCormick & Company, Incorporated by 610.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after buying an additional 336 shares in the last quarter. Finally, Stonebridge Financial Group LLC raised its position in shares of McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock valued at $33,000 after buying an additional 202 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Trading Up 0.4%

Shares of MKC stock traded up $0.29 on Thursday, hitting $70.13. The company had a trading volume of 1,724,228 shares, compared to its average volume of 2,314,990. The firm has a market cap of $18.82 billion, a P/E ratio of 24.35, a P/E/G ratio of 3.45 and a beta of 0.65. The stock's 50-day moving average is $71.62 and its two-hundred day moving average is $75.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. McCormick & Company, Incorporated has a twelve month low of $68.23 and a twelve month high of $86.24.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. On average, equities research analysts anticipate that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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 dividend payout ratio is 62.50%.

Analysts Set New Price Targets

MKC has been the subject of several research analyst reports. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. raised McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. 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 target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research note on Tuesday, June 17th. Finally, UBS Group lowered their target price on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $84.25.

McCormick & Company, Incorporated Profile

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.