Price T Rowe Associates Inc. MD Has $69.06 Million Stake in McCormick & Company, Incorporated $MKC

Key Points

• Price T Rowe Associates Inc. MD increased its stake in McCormick & Company by 39.5%, acquiring an additional 237,628 shares, bringing their total ownership to approximately 0.31%, valued at $69.1 million.
• Analyst ratings for McCormick vary, with JPMorgan upgrading to "overweight" and raising the price target, while Citigroup and others have set lower targets, reflecting mixed sentiment on the stock's future performance.
• McCormick recently announced a quarterly dividend of $0.45 per share, equating to an annualized dividend of $1.80, which results in a dividend yield of 2.5%.

Price T Rowe Associates Inc. MD lifted its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 39.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 838,950 shares of the company's stock after purchasing an additional 237,628 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.31% of McCormick & Company, Incorporated worth $69,055,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Select Equity Group L.P. bought a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $104,863,000. T. Rowe Price Investment Management Inc. lifted its holdings in McCormick & Company, Incorporated by 28.6% in 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 acquiring an additional 920,618 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in McCormick & Company, Incorporated by 47.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,843,273 shares of the company's stock valued at $216,771,000 after acquiring an additional 915,807 shares during the last quarter. Nuveen LLC acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at about $55,643,000. Finally, Westfield Capital Management Co. LP acquired a new stake in McCormick & Company, Incorporated in the 1st quarter valued at about $47,056,000. 79.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus cut 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 report on Tuesday, July 29th. Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. JPMorgan Chase & Co. raised 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. UBS Group cut their price target on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. Finally, Citigroup cut their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $84.25.

McCormick & Company, Incorporated Trading Down 1.1%

NYSE MKC traded down $0.79 on Thursday, hitting $69.90. 3,423,032 shares of the company were exchanged, compared to its average volume of 2,338,311. The company's 50 day moving average price is $71.95 and its 200-day moving average price is $75.23. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27. The firm has a market capitalization of $18.76 billion, a P/E ratio of 24.27, a price-to-earnings-growth ratio of 3.47 and a beta of 0.66. McCormick & Company, Incorporated has a twelve month low of $68.23 and a twelve month high of $86.24.

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

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a $0.45 dividend. The ex-dividend date was Monday, July 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.6%. McCormick & Company, Incorporated's dividend payout ratio is currently 62.50%.

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.