Pictet Asset Management Holding SA Trims Stake in McCormick & Company, Incorporated $MKC

Pictet Asset Management Holding SA lowered its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,052,241 shares of the company's stock after selling 50,896 shares during the quarter. Pictet Asset Management Holding SA owned about 0.39% of McCormick & Company, Incorporated worth $71,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of MKC. GoalVest Advisory LLC purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at about $28,000. SouthState Bank Corp increased its position 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 buying an additional 480 shares during the period. Steigerwald Gordon & Koch Inc. purchased a new position in shares of McCormick & Company, Incorporated during the third quarter valued at about $37,000. Rakuten Investment Management Inc. purchased a new position in shares of McCormick & Company, Incorporated during the third quarter valued at about $47,000. Finally, Rothschild Investment LLC increased its position in shares of McCormick & Company, Incorporated by 114.0% during the third quarter. Rothschild Investment LLC now owns 762 shares of the company's stock valued at $51,000 after buying an additional 406 shares during the period. Hedge funds and other institutional investors own 79.74% of the company's stock.

Analyst Ratings Changes

MKC has been the topic of several research analyst reports. Barclays reduced their price target on shares of McCormick & Company, Incorporated from $67.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. HSBC reduced their price target on shares of McCormick & Company, Incorporated from $69.00 to $55.00 and set a "hold" rating on the stock in a research report on Thursday, March 26th. Zacks Research upgraded shares of McCormick & Company, Incorporated from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of McCormick & Company, Incorporated from $70.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, March 30th. Finally, JPMorgan Chase & Co. cut their price objective on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an "overweight" rating on the stock in a report 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 company. Based on data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of "Hold" and a consensus target price of $64.27.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Jacques Tapiero sold 5,000 shares of the company's 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 owned 31,596 shares in the company, valued at approximately $2,119,775.64. This represents a 13.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company's 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 owned 296,992 shares in the company, valued at approximately $21,273,536.96. This represents a 14.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 65,000 shares of company stock worth $4,575,800 in the last ninety days. 10.60% of the stock is owned by company insiders.

McCormick & Company, Incorporated Price Performance

Shares of MKC opened at $51.09 on Wednesday. The stock has a market cap of $13.73 billion, a PE ratio of 8.38, a price-to-earnings-growth ratio of 2.47 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76. McCormick & Company, Incorporated has a fifty-two week low of $47.52 and a fifty-two week high of $78.16. The firm's 50-day simple moving average is $57.39 and its two-hundred day simple moving average is $63.19.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced 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 business had revenue of $1.87 billion for the quarter, compared to analysts' expectations of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. Analysts anticipate that McCormick & Company, Incorporated will post 3.09 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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

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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