McCormick & Company, Incorporated $MKC Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden cut its stake in McCormick by 22.8% in the fourth quarter, selling 36,900 shares and leaving it with 124,900 shares valued at about $8.5 million.
• McCormick posted strong quarterly results, reporting EPS of $0.66 versus the $0.61 consensus and revenue of $1.87 billion, up 16.7% year over year.
• The company also paid a quarterly dividend of $0.48, equal to an annualized yield of 4.0%, while analysts currently rate the stock a consensus “Hold” with a $64.27 price target.

Forsta AP Fonden lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 22.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 124,900 shares of the company's stock after selling 36,900 shares during the period. Forsta AP Fonden's holdings in McCormick & Company, Incorporated were worth $8,507,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MKC. GoalVest Advisory LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $28,000. SouthState Bank Corp lifted 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 acquiring an additional 480 shares during the last quarter. Legacy Wealth Managment LLC ID acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $40,000. Elyxium Wealth LLC acquired a new stake in shares of McCormick & Company, Incorporated during the 4th quarter valued at $43,000. Finally, Rothschild Investment LLC lifted 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 acquiring an additional 406 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Insider Buying and Selling at McCormick & Company, Incorporated

In related news, Director Gavin Hattersley purchased 2,000 shares of the company's stock in a transaction dated Friday, April 10th. The shares were acquired at an average cost of $52.98 per share, with a total value of $105,960.00. Following the completion of the purchase, the director owned 2,906 shares of the company's stock, valued at $153,959.88. The trade was a 220.75% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Price Performance

MKC opened at $47.46 on Monday. The stock has a fifty day moving average of $50.12 and a 200-day moving average of $60.52. The firm has a market capitalization of $12.75 billion, a P/E ratio of 7.78, a PEG ratio of 2.32 and a beta of 0.65. McCormick & Company, Incorporated has a 12-month low of $44.82 and a 12-month high of $78.16. 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 (NYSE:MKC - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. The company's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts forecast that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were paid a $0.48 dividend. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.0%. McCormick & Company, Incorporated's dividend payout ratio is 31.48%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Zacks Research upgraded McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. UBS Group reduced their target price on McCormick & Company, Incorporated from $67.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Sanford C. Bernstein reduced their target price on McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating for the company in a report on Tuesday, March 24th. BTIG Research assumed coverage on McCormick & Company, Incorporated in a report on Tuesday, April 14th. They issued a "neutral" rating for the company. Finally, Stifel Nicolaus reduced their target price on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating for the company in a report on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $64.27.

About McCormick & Company, Incorporated

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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