McCormick & Company, Incorporated $MKC Shares Bought by Select Equity Group L.P.

Key Points

• Select Equity Group L.P. increased its stake in McCormick & Company by 13.5%, acquiring a total of 1,560,869 shares valued at approximately $128.5 million.
• Research analysts have mixed ratings for McCormick, with price targets ranging from $76.00 to $84.25, indicating cautious optimism in the stock's future performance.
• McCormick announced a quarterly dividend of $0.45 per share, with an annualized dividend yield of 2.5% and a dividend payout ratio of 62.5%.

Select Equity Group L.P. lifted its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,560,869 shares of the company's stock after acquiring an additional 185,437 shares during the period. Select Equity Group L.P. owned 0.58% of McCormick & Company, Incorporated worth $128,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MKC. Capital Analysts LLC acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at $26,000. Zions Bancorporation National Association UT acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at $28,000. Wayfinding Financial LLC acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at $30,000. Salem Investment Counselors Inc. increased 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 acquiring an additional 336 shares during the period. Finally, Ameriflex Group Inc. acquired a new position in shares of McCormick & Company, Incorporated in the 4th quarter valued at $33,000. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Trading Down 1.5%

Shares of MKC traded down $1.05 during midday trading on Friday, reaching $68.77. The company had a trading volume of 435,397 shares, compared to its average volume of 2,302,059. The firm has a 50 day simple moving average of $70.83 and a 200-day simple moving average of $74.67. McCormick & Company, Incorporated has a 1-year low of $67.71 and a 1-year high of $86.24. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. The stock has a market cap of $18.45 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 3.37 and a beta of 0.65.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The company reported $0.69 EPS for the quarter, beating 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 business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the company posted $0.69 EPS. The company's quarterly revenue 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. Research analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a dividend of $0.45 per share. The ex-dividend date was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. McCormick & Company, Incorporated's payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MKC shares. Citigroup decreased their target price on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research report on Tuesday, June 17th. JPMorgan Chase & Co. upgraded shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $69.00 to $83.00 in a research report on Wednesday, August 20th. 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. UBS Group dropped their price target on shares of 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. Finally, Stifel Nicolaus dropped their price target on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a research report on Tuesday, July 29th. One research 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.