Rockland Trust Co. Takes Position in McCormick & Company, Incorporated $MKC

Key Points

• Rockland Trust Co. acquired 254,646 shares of McCormick & Company, Incorporated valued at approximately $19.3 million, representing 0.09% of the company's total stock as of its latest SEC filing.
• Analysts have mixed views on McCormick, with Citi lowering its target price from $80 to $77 and JPMorgan raising it from $69 to $83, resulting in a consensus rating of "Moderate Buy".
• McCormick's recent earnings report showed an EPS of $0.69, slightly surpassing expectations, while the company also announced a quarterly dividend of $0.45 per share.

Rockland Trust Co. acquired a new stake in McCormick & Company, Incorporated (NYSE:MKC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 254,646 shares of the company's stock, valued at approximately $19,307,000. Rockland Trust Co. owned about 0.09% of McCormick & Company, Incorporated as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MKC. Contravisory Investment Management Inc. bought a new stake in shares of McCormick & Company, Incorporated in the second quarter worth about $480,000. Exchange Traded Concepts LLC lifted its position in McCormick & Company, Incorporated by 2.5% during the second quarter. Exchange Traded Concepts LLC now owns 13,381 shares of the company's stock valued at $1,015,000 after acquiring an additional 332 shares during the last quarter. Bright Rock Capital Management LLC acquired a new stake in McCormick & Company, Incorporated during the second quarter valued at $7,582,000. Mn Services Vermogensbeheer B.V. raised its stake in McCormick & Company, Incorporated by 7.4% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 97,690 shares of the company's stock worth $7,407,000 after purchasing an additional 6,700 shares during the period. Finally, Swedbank AB grew its holdings in shares of McCormick & Company, Incorporated by 2.6% in the second quarter. Swedbank AB now owns 621,298 shares of the company's stock valued at $47,107,000 after purchasing an additional 15,755 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company's stock.

Wall Street Analyst Weigh In

MKC has been the topic of several research analyst reports. Wall Street Zen cut shares of McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Stifel Nicolaus dropped their price objective on 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. Citigroup cut their price target on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 17th. JPMorgan Chase & Co. raised McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $69.00 to $83.00 in a research report on Wednesday, August 20th. Finally, UBS Group dropped their price objective on McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.25.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC traded down $0.74 during mid-day trading on Monday, hitting $64.74. The stock had a trading volume of 1,957,733 shares, compared to its average volume of 2,256,991. McCormick & Company, Incorporated has a 52 week low of $64.53 and a 52 week high of $86.24. The company has a 50 day simple moving average of $69.94 and a 200-day simple moving average of $73.78. The stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 22.48, a P/E/G ratio of 3.22 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 (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the firm posted $0.69 EPS. The business's revenue for the quarter 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. On average, research analysts expect that McCormick & Company, Incorporated will post 3.07 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, July 21st. Stockholders of record on Monday, July 7th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio (DPR) 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.