M&T Bank Corp Trims Position in McCormick & Company, Incorporated $MKC

Key Points

• M&T Bank Corp cut its stake in McCormick by 34.6% in Q4, selling 23,261 shares and leaving 43,974 shares valued at about $2.995 million, while institutional investors still own roughly 79.7% of the company.
• Company insiders sold a combined 65,000 shares worth about $4.58 million in the past 90 days — including Lawrence Erik Kurzius’s sale of 50,000 shares — reducing insider ownership to 10.6%.
• McCormick beat Q1 estimates (EPS $0.66 vs. $0.61; revenue $1.87B vs. $1.79B) and pays a $0.48 quarterly dividend (3.8% yield), but analysts have trimmed targets and the consensus rating is a Hold with a $64.27 price target.

M&T Bank Corp lessened its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 34.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 43,974 shares of the company's stock after selling 23,261 shares during the period. M&T Bank Corp's holdings in McCormick & Company, Incorporated were worth $2,995,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GoalVest Advisory LLC bought a new stake in McCormick & Company, Incorporated during the fourth quarter valued at about $28,000. SouthState Bank Corp grew its holdings in McCormick & Company, Incorporated by 1,777.8% during the third 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. bought a new stake in McCormick & Company, Incorporated during the third quarter valued at about $37,000. Rakuten Investment Management Inc. bought a new stake in McCormick & Company, Incorporated during the third quarter valued at about $47,000. Finally, MUFG Securities EMEA plc bought a new stake in McCormick & Company, Incorporated during the second quarter valued at about $56,000. Institutional investors own 79.74% of the company's stock.

Insider Transactions at McCormick & Company, Incorporated

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $71.63, for a total transaction of $3,581,500.00. Following the completion of the transaction, the insider directly owned 296,992 shares of the company's stock, valued at approximately $21,273,536.96. This represents a 14.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $67.09, for a total value of $335,450.00. Following the transaction, the director directly owned 31,596 shares of the company's stock, valued at approximately $2,119,775.64. The trade was a 13.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 65,000 shares of company stock valued at $4,575,800 in the last ninety days. Corporate insiders own 10.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. HSBC cut their price target on McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a report on Thursday, March 26th. Sanford C. Bernstein cut their price target 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. BNP Paribas Exane cut their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. Zacks Research raised McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. dropped their price objective on McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating for the company in a research note on Wednesday, April 1st. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of "Hold" and a consensus target price of $64.27.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $50.40 on Tuesday. The firm has a market cap of $13.54 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 2.53 and a beta of 0.71. 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 business has a 50-day moving average price of $57.75 and a 200-day moving average price of $63.30. McCormick & Company, Incorporated has a twelve month low of $47.52 and a twelve month high of $78.16.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.05. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.79 billion. McCormick & Company, Incorporated had a return on equity of 13.29% and a net margin of 23.12%.The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 earnings per share. As a group, equities research analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a yield of 3.8%. McCormick & Company, Incorporated's dividend payout ratio is presently 31.48%.

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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