Meiji Yasuda Asset Management Co Ltd. Cuts Position in McCormick & Company, Incorporated $MKC

Key Points

• Meiji Yasuda Asset Management Co Ltd. sold 32,737 shares of McCormick & Company, reducing its holdings by 26.4% during the first quarter, leaving it with 91,075 shares valued at approximately $7.5 million.
• McCormick & Company reported a quarterly earnings per share (EPS) of $0.69, surpassing analysts' expectations of $0.65 and indicating a 1.0% revenue increase compared to the previous year.
• Several institutional investors, including Alyeska Investment Group and T. Rowe Price, increased their stakes in McCormick, reflecting strong institutional interest with 79.74% of stock now owned by such investors.

Meiji Yasuda Asset Management Co Ltd. trimmed its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 26.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,075 shares of the company's stock after selling 32,737 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in McCormick & Company, Incorporated were worth $7,496,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in shares of McCormick & Company, Incorporated by 2.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company's stock worth $194,253,000 after purchasing an additional 60,604 shares during the period. Jones Financial Companies Lllp grew its stake in shares of McCormick & Company, Incorporated by 132.7% during the 1st quarter. Jones Financial Companies Lllp now owns 43,595 shares of the company's stock worth $3,588,000 after purchasing an additional 24,862 shares during the period. Select Equity Group L.P. grew its stake in shares of McCormick & Company, Incorporated by 13.5% during the 1st quarter. Select Equity Group L.P. now owns 1,560,869 shares of the company's stock worth $128,475,000 after purchasing an additional 185,437 shares during the period. Raab & Moskowitz Asset Management LLC grew its stake in shares of McCormick & Company, Incorporated by 5.0% during the 1st quarter. Raab & Moskowitz Asset Management LLC now owns 3,506 shares of the company's stock worth $289,000 after purchasing an additional 167 shares during the period. Finally, Nissay Asset Management Corp Japan ADV grew its stake in shares of McCormick & Company, Incorporated by 1.5% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 33,896 shares of the company's stock worth $2,790,000 after purchasing an additional 498 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Trading Up 1.8%

Shares of McCormick & Company, Incorporated stock traded up $1.26 during mid-day trading on Thursday, hitting $69.84. 2,007,982 shares of the stock were exchanged, compared to its average volume of 2,313,029. McCormick & Company, Incorporated has a twelve month low of $67.71 and a twelve month high of $86.24. The stock has a market capitalization of $18.74 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 3.42 and a beta of 0.65. The company has a 50-day simple moving average of $70.94 and a 200 day simple moving average of $74.74. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55.

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 (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the company earned $0.69 EPS. 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 year.

McCormick & Company, Incorporated Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MKC shares. Citigroup lowered their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 17th. JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $69.00 to $83.00 in a research note on Wednesday, August 20th. Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Stifel Nicolaus lowered 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 note on Tuesday, July 29th. Finally, UBS Group lowered 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 note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $84.25.

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.