Panagora Asset Management Inc. Decreases Stake in McCormick & Company, Incorporated $MKC

Key Points

• Panagora Asset Management Inc. reduced its stake in McCormick & Company by 27.8% in the first quarter, now holding 39,413 shares valued at approximately $3.24 million.
• McCormick & Company reported earnings of $0.69 per share for the last quarter, surpassing expectations, with a revenue of $1.66 billion.
• Wall Street analysts have a consensus rating of "Moderate Buy" for McCormick & Company, with a target price of around $84.25.

Panagora Asset Management Inc. reduced its holdings in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 27.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,413 shares of the company's stock after selling 15,165 shares during the period. Panagora Asset Management Inc.'s holdings in McCormick & Company, Incorporated were worth $3,244,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Analysts LLC purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter worth $26,000. Zions Bancorporation National Association UT purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter worth $28,000. Wayfinding Financial LLC purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter worth $30,000. Salem Investment Counselors Inc. grew its holdings in McCormick & Company, Incorporated by 610.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after purchasing an additional 336 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at about $33,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Up 1.1%

Shares of MKC traded up $0.80 during mid-day trading on Friday, hitting $70.93. The company's stock had a trading volume of 2,583,971 shares, compared to its average volume of 2,298,129. The company's 50-day moving average is $71.36 and its 200-day moving average is $74.95. McCormick & Company, Incorporated has a 52-week low of $68.23 and a 52-week high of $86.24. The firm has a market capitalization of $19.03 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 3.44 and a beta of 0.65. 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 announced its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. McCormick & Company, Incorporated had a net margin of 11.50% and a return on equity of 14.43%. The firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the prior year, the company earned $0.69 EPS. The company's revenue was up 1.0% compared to the same quarter last year. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. On average, equities research analysts forecast that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.5%. McCormick & Company, Incorporated's dividend payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MKC shares. Citigroup cut 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 report on Tuesday, June 17th. JPMorgan Chase & Co. upgraded shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and upped their price target for the company from $69.00 to $83.00 in a report on Wednesday, August 20th. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. UBS Group dropped their target price 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. Finally, Stifel Nicolaus dropped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated 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.