McCormick & Company, Incorporated $MKC Shares Purchased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in McCormick & Company by 36.1%, owning 374,476 shares valued at approximately $30.8 million.
• The company reported $0.69 earnings per share for the last quarter, exceeding analysts' expectations, while having a revenue of $1.66 billion.
• McCormick's stock has a current consensus rating of "Moderate Buy" with an average target price of $84.25.

Alliancebernstein L.P. grew its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 36.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 374,476 shares of the company's stock after acquiring an additional 99,292 shares during the quarter. Alliancebernstein L.P. owned about 0.14% of McCormick & Company, Incorporated worth $30,823,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Capital Analysts LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $26,000. Zions Bancorporation National Association UT purchased a new stake in McCormick & Company, Incorporated during the first quarter valued at about $28,000. Wayfinding Financial LLC purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $30,000. Salem Investment Counselors Inc. lifted its holdings in McCormick & Company, Incorporated by 610.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock worth $32,000 after purchasing an additional 336 shares in the last quarter. Finally, Stonebridge Financial Group LLC raised its holdings 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 acquiring an additional 202 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Trading Down 1.2%

Shares of NYSE MKC traded down $0.82 during midday trading on Friday, hitting $69.00. The company's stock had a trading volume of 1,795,860 shares, compared to its average volume of 2,328,224. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. The business's 50 day moving average is $70.83 and its two-hundred day moving average is $74.67. McCormick & Company, Incorporated has a 12-month low of $67.71 and a 12-month high of $86.24. The firm has a market cap of $18.52 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 3.43 and a beta of 0.65.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share 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 for the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the business posted $0.69 earnings per share. The company's revenue for the quarter was up 1.0% on a year-over-year basis. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current 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%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MKC shares. Stifel Nicolaus decreased their price objective on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. JPMorgan Chase & Co. upgraded 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 research report on Wednesday, August 20th. UBS Group reduced their price target on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Citigroup reduced their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $84.25.

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.