Norges Bank Invests $62.71 Million in McCormick & Company, Incorporated $MKC

Key Points

• Norges Bank opened a new position in McCormick, buying 920,735 shares valued at about $62.7 million and owning 0.34% of the company.
• McCormick reported strong quarterly results, with EPS of $0.66 beating estimates and revenue of $1.87 billion topping expectations, up 16.7% year over year.
• The company also paid a quarterly dividend of $0.48 per share, equal to an annualized yield of 4.1%, while analysts currently rate the stock a consensus Hold.

Norges Bank bought a new position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 920,735 shares of the company's stock, valued at approximately $62,711,000. Norges Bank owned 0.34% of McCormick & Company, Incorporated as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MKC. GoalVest Advisory LLC bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $28,000. SouthState Bank Corp boosted its stake in shares of 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 in the last quarter. Legacy Wealth Managment LLC ID bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $40,000. Elyxium Wealth LLC acquired a new stake in McCormick & Company, Incorporated in the fourth quarter valued at approximately $43,000. Finally, Rothschild Investment LLC boosted its stake in McCormick & Company, Incorporated by 114.0% in the third quarter. Rothschild Investment LLC now owns 762 shares of the company's stock valued at $51,000 after acquiring an additional 406 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors.

McCormick & Company, Incorporated Trading Up 1.5%

NYSE:MKC opened at $47.31 on Friday. McCormick & Company, Incorporated has a 12 month low of $44.82 and a 12 month high of $78.16. The firm has a fifty day simple moving average of $49.48 and a 200-day simple moving average of $59.88. The company has a current ratio of 0.76, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $12.71 billion, a P/E ratio of 7.75, a PEG ratio of 2.32 and a beta of 0.65.

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

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated's payout ratio is presently 31.48%.

Insider Activity

In other McCormick & Company, Incorporated news, Director Gavin Hattersley bought 2,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Friday, April 10th. The stock was purchased at an average price of $52.98 per share, with a total value of $105,960.00. Following the completion of the acquisition, the director directly owned 2,906 shares in the company, valued at approximately $153,959.88. This trade represents a 220.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MKC has been the subject of several recent analyst reports. Zacks Research upgraded shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 7th. UBS Group lowered their target price on shares of McCormick & Company, Incorporated from $53.00 to $51.00 and set a "neutral" rating for the company in a research note on Tuesday, June 2nd. Stifel Nicolaus lowered their target price on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Deutsche Bank Aktiengesellschaft lowered their target price on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, March 30th. Finally, HSBC lowered their target price on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated has an average rating of "Hold" and an average price target of $63.36.

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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