RNC Capital Management LLC Purchases New Stake in McCormick & Company, Incorporated $MKC

Key Points

• RNC Capital Management LLC recently acquired a new stake in McCormick & Company, purchasing 10,615 shares valued at approximately $874,000.
• McCormick reported an EPS of $0.69 for the last quarter, exceeding estimates, with a revenue of $1.66 billion and a year-over-year growth of 1.0%.
• The company has set its FY 2025 guidance at an EPS range of 3.030-3.080, indicating positive expectations for future earnings.

RNC Capital Management LLC bought a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,615 shares of the company's stock, valued at approximately $874,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Analysts LLC bought a new position in McCormick & Company, Incorporated in the first quarter valued at about $26,000. Zions Bancorporation National Association UT bought a new position in McCormick & Company, Incorporated in the first quarter valued at about $28,000. Wayfinding Financial LLC bought a new position in McCormick & Company, Incorporated in the first quarter valued at about $30,000. Salem Investment Counselors Inc. grew its position in McCormick & Company, Incorporated by 610.9% in the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after acquiring an additional 336 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new position in McCormick & Company, Incorporated in the fourth quarter valued at about $33,000. Institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $70.93 on Monday. The business's 50 day simple moving average is $71.36 and its 200 day simple moving average is $74.89. McCormick & Company, Incorporated has a one year low of $68.23 and a one year high of $86.24. The stock has a market capitalization of $19.03 billion, a PE ratio of 24.63, a PEG ratio of 3.48 and a beta of 0.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

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

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $1.80 annualized dividend and a yield of 2.5%. McCormick & Company, Incorporated's payout ratio is 62.50%.

Analysts Set New Price Targets

Several analysts have recently weighed in on MKC shares. UBS Group reduced their price target on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, August 22nd. Stifel Nicolaus reduced their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Citigroup reduced their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, June 17th. Finally, JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $69.00 to $83.00 in a report on Wednesday, August 20th. One equities research 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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.

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