McCormick & Company, Incorporated $MKC Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services cut its McCormick stake by 69.7%, selling 1,742,596 shares and retaining 757,552 shares worth about $51.6 million (0.28% of the company).
• McCormick topped quarterly estimates with $0.66 EPS vs. $0.61 expected and revenue of $1.87 billion (up 16.7% year-over-year), while sell-side analysts project about 3.07 EPS for the current fiscal year.
• The company declared a quarterly dividend of $0.48 ($1.92 annual, ~3.6% yield; ex-dividend April 20), alongside notable insider moves — a director bought 2,000 shares while insiders sold 65,000 shares worth roughly $4.6 million last quarter.

Massachusetts Financial Services Co. MA reduced its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 69.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 757,552 shares of the company's stock after selling 1,742,596 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.28% of McCormick & Company, Incorporated worth $51,597,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Heartwood Wealth Advisors LLC acquired a new stake in McCormick & Company, Incorporated in the 3rd quarter valued at approximately $28,000. GoalVest Advisory LLC acquired a new stake in McCormick & Company, Incorporated in the 4th quarter valued at approximately $28,000. SouthState Bank Corp increased 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 purchasing an additional 480 shares during the period. Steigerwald Gordon & Koch Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $37,000. Finally, Rakuten Investment Management Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 3rd quarter valued at $47,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Gavin Hattersley purchased 2,000 shares of the stock in a transaction dated Friday, April 10th. The shares were 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 represents a 220.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction on Monday, February 9th. The shares were sold at an average price of $67.92, for a total value of $339,600.00. Following the transaction, the director owned 43,029 shares in the company, valued at $2,922,529.68. This represents a 10.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 65,000 shares of company stock valued at $4,575,800. Insiders own 10.60% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC opened at $53.86 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.76 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $14.47 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.65 and a beta of 0.71. The stock's fifty day simple moving average is $60.79 and its 200 day simple moving average is $64.24. McCormick & Company, Incorporated has a 52-week low of $47.52 and a 52-week high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS. As a group, sell-side analysts forecast that McCormick & Company, Incorporated will post 3.07 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Monday, April 20th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, April 20th. McCormick & Company, Incorporated's payout ratio is presently 31.48%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MKC shares. Stifel Nicolaus lowered their price target on McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating on the stock in a research report on Wednesday, April 1st. Sanford C. Bernstein lowered their price target on McCormick & Company, Incorporated from $85.00 to $77.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 24th. BTIG Research started coverage on McCormick & Company, Incorporated in a research report on Tuesday. They set a "neutral" rating on the stock. Zacks Research upgraded McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, BNP Paribas Exane lowered their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $64.27.

McCormick & Company, Incorporated Company 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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