State Farm Mutual Automobile Insurance Co. Has $1.36 Billion Position in McCormick & Company, Incorporated $MKC

Key Points

• State Farm Mutual Automobile Insurance Co. has reduced its stake in McCormick & Company, Incorporated by 1.2%, now holding 16,522,728 shares worth approximately $1.36 billion.
• McCormick recently reported earnings of $0.69 per share, surpassing analysts' expectations, but its revenue of $1.66 billion was slightly below the forecast.
• The company announced a quarterly dividend of $0.45, translating to an annualized yield of 2.6% with a payout ratio of 62.5%.

State Farm Mutual Automobile Insurance Co. trimmed its stake in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,522,728 shares of the company's stock after selling 192,872 shares during the quarter. McCormick & Company, Incorporated comprises approximately 1.2% of State Farm Mutual Automobile Insurance Co.'s investment portfolio, making the stock its 24th biggest position. State Farm Mutual Automobile Insurance Co. owned about 6.16% of McCormick & Company, Incorporated worth $1,359,986,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Zions Bancorporation National Association UT bought a new stake in shares of McCormick & Company, Incorporated during the 1st quarter worth about $28,000. Wayfinding Financial LLC bought a new position in McCormick & Company, Incorporated in the 1st quarter valued at about $30,000. Salem Investment Counselors Inc. lifted its position in McCormick & Company, Incorporated by 610.9% during the first quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock worth $32,000 after acquiring an additional 336 shares during the last quarter. Stonebridge Financial Group LLC lifted its position in McCormick & Company, Incorporated by 101.0% during the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after acquiring an additional 202 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth approximately $33,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Price Performance

Shares of McCormick & Company, Incorporated stock traded up $0.7620 on Wednesday, reaching $69.8120. 2,446,246 shares of the stock were exchanged, compared to its average volume of 2,163,438. The firm's 50 day moving average is $72.31 and its 200-day moving average is $75.50. McCormick & Company, Incorporated has a one year low of $68.23 and a one year high of $86.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.27 and a current ratio of 0.68. The firm has a market cap of $18.74 billion, a PE ratio of 24.24, a P/E/G ratio of 3.32 and a beta of 0.66.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period last year, the firm posted $0.69 earnings per share. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.030-3.080 EPS. As a group, analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS 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. Investors of record on Monday, July 7th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's dividend payout ratio is currently 62.50%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Citigroup decreased their target price on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 17th. Stifel Nicolaus reduced their price target on 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. JPMorgan Chase & Co. raised 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 report on Wednesday. UBS Group initiated coverage on McCormick & Company, Incorporated in a research report on Monday, June 16th. They set a "neutral" rating and a $83.00 price objective on the stock. Finally, Wall Street Zen raised shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.75.

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.