McCormick & Company, Incorporated $MKC Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in McCormick & Company by 1.0%, now owning 3,656,229 shares worth approximately $300.9 million.
• McCormick's quarterly earnings exceeded expectations, reporting $0.69 EPS compared to the forecast of $0.65, while revenue for the quarter was $1.66 billion, slightly below estimates.
• The company recently announced a quarterly dividend of $0.45, yielding 2.6%, with a dividend payout ratio of 62.50%.

Northern Trust Corp trimmed its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,656,229 shares of the company's stock after selling 37,010 shares during the period. Northern Trust Corp owned 1.36% of McCormick & Company, Incorporated worth $300,944,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MKC. TriaGen Wealth Management LLC purchased a new stake in shares of McCormick & Company, Incorporated during the first quarter worth about $2,017,000. HFR Wealth Management LLC boosted its holdings in McCormick & Company, Incorporated by 0.7% in the 1st quarter. HFR Wealth Management LLC now owns 132,725 shares of the company's stock worth $10,925,000 after buying an additional 902 shares during the last quarter. Northwest & Ethical Investments L.P. boosted its holdings in McCormick & Company, Incorporated by 42.0% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 26,848 shares of the company's stock worth $2,210,000 after buying an additional 7,938 shares during the last quarter. Gen Wealth Partners Inc increased its stake in McCormick & Company, Incorporated by 4.0% during the 1st quarter. Gen Wealth Partners Inc now owns 17,864 shares of the company's stock worth $1,470,000 after buying an additional 680 shares in the last quarter. Finally, Element Capital Management LLC acquired a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $2,776,000. Institutional investors and hedge funds own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of McCormick & Company, Incorporated stock opened at $69.8120 on Thursday. The firm has a market cap of $18.74 billion, a PE ratio of 24.24, a price-to-earnings-growth ratio of 3.32 and a beta of 0.66. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55. McCormick & Company, Incorporated has a 52 week low of $68.23 and a 52 week high of $86.24. The business's fifty day simple moving average is $72.31 and its 200-day simple moving average is $75.50.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. McCormick & Company, Incorporated's revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. Equities analysts forecast that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

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

Wall Street Analyst Weigh In

MKC has been the topic of a number of research analyst reports. Wall Street Zen raised McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. 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. UBS Group assumed coverage on shares of McCormick & Company, Incorporated in a research note on Monday, June 16th. They set a "neutral" rating and a $83.00 target price on the stock. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $69.00 to $83.00 in a report on Wednesday. Finally, Citigroup cut their price objective 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. 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $84.75.

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.

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