Park National Corp OH Trims Holdings in McCormick & Company, Incorporated $MKC

Key Points

• Park National Corp OH reduced its holdings in McCormick & Company by 68%, ending the quarter with 41,514 shares valued at approximately $3.15 million.
• McCormick & Company reported earnings of $0.69 per share for the last quarter, exceeding analysts' expectations, while revenue was slightly below estimates at $1.66 billion.
• The company announced a quarterly dividend of $0.45 per share, with a yield of 2.6%, reflecting a payout ratio of 62.5%.

Park National Corp OH reduced its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 68.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,514 shares of the company's stock after selling 88,149 shares during the period. Park National Corp OH's holdings in McCormick & Company, Incorporated were worth $3,148,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Cetera Investment Advisers boosted its position in shares of McCormick & Company, Incorporated by 6.3% in the 4th quarter. Cetera Investment Advisers now owns 36,248 shares of the company's stock worth $2,764,000 after buying an additional 2,142 shares in the last quarter. Lazard Asset Management LLC acquired a new position in McCormick & Company, Incorporated in the 4th quarter valued at about $726,000. Nomura Holdings Inc. raised its stake in McCormick & Company, Incorporated by 59.6% in the 4th quarter. Nomura Holdings Inc. now owns 20,858 shares of the company's stock valued at $1,590,000 after purchasing an additional 7,788 shares during the last quarter. Mufg Securities Americas Inc. acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter valued at about $284,000. Finally, Quantinno Capital Management LP increased its stake in shares of McCormick & Company, Incorporated by 25.3% during the 4th quarter. Quantinno Capital Management LP now owns 63,988 shares of the company's stock valued at $4,878,000 after acquiring an additional 12,937 shares during the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. UBS Group dropped their price objective on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, August 22nd. JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. Stifel Nicolaus decreased their target price on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a report on Tuesday, July 29th. Wall Street Zen cut McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. Finally, Citigroup decreased their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $84.25.

McCormick & Company, Incorporated Stock Down 0.5%

NYSE MKC traded down $0.30 on Friday, reaching $65.95. The company had a trading volume of 667,874 shares, compared to its average volume of 2,298,177. The firm has a market capitalization of $17.70 billion, a PE ratio of 22.91, a P/E/G ratio of 3.28 and a beta of 0.65. McCormick & Company, Incorporated has a 1 year low of $65.88 and a 1 year high of $86.24. The firm has a 50-day moving average of $70.21 and a 200-day moving average of $74.14. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.43% and a net margin of 11.50%.McCormick & Company, Incorporated's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. On average, equities research analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is 62.50%.

McCormick & Company, Incorporated Company 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.