McCormick & Company, Incorporated $MKC Stock Holdings Lessened by Perpetual Ltd

Key Points

• Perpetual Ltd reduced its stake in McCormick & Company by 26.4% during the second quarter, now holding shares valued at $814,000.
• McCormick's stock recently experienced a 1.1% decline and has a market capitalization of $17.59 billion, with a recent earnings report exceeding estimates.
• Analysts have raised and lowered their price targets on McCormick stock, with a consensus average target price now set at $84.25 amidst mixed ratings from equity analysts.

Perpetual Ltd trimmed its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 26.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,736 shares of the company's stock after selling 3,849 shares during the quarter. Perpetual Ltd's holdings in McCormick & Company, Incorporated were worth $814,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of McCormick & Company, Incorporated by 0.4% in the first quarter. Vanguard Group Inc. now owns 31,874,039 shares of the company's stock worth $2,623,552,000 after buying an additional 136,729 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of McCormick & Company, Incorporated by 28.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company's stock valued at $340,406,000 after buying an additional 920,618 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of McCormick & Company, Incorporated by 6.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,230,719 shares of the company's stock worth $265,920,000 after purchasing an additional 184,230 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in McCormick & Company, Incorporated by 2.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company's stock worth $194,253,000 after buying an additional 60,604 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt boosted its holdings in shares of McCormick & Company, Incorporated by 94.7% during the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company's stock valued at $134,795,000 after purchasing an additional 865,500 shares during the last quarter. 79.74% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Trading Down 1.0%

Shares of McCormick & Company, Incorporated stock traded down $0.62 during trading hours on Tuesday, hitting $64.02. The company's stock had a trading volume of 1,339,240 shares, compared to its average volume of 2,311,603. McCormick & Company, Incorporated has a 1-year low of $63.99 and a 1-year high of $86.24. The business has a fifty day moving average of $69.94 and a 200 day moving average of $73.78. The company has a market capitalization of $17.18 billion, a PE ratio of 22.22, a P/E/G ratio of 3.22 and a beta of 0.65. The company has a quick ratio of 0.27, a current ratio of 0.68 and a debt-to-equity ratio of 0.55.

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

Analysts Set New Price Targets

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

About McCormick & Company, Incorporated

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.