Voya Investment Management LLC Lowers Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• Voya Investment Management LLC has reduced its stake in McCormick & Company by 11.0%, lowering its ownership to approximately 1.17% of the company, worth about $258 million.
• Several institutional investors have adjusted their positions; notably, Alyeska Investment Group increased its stake by over 1,360% in the first quarter, now holding 1,575,104 shares.
• Analysts have mixed ratings for McCormick, with an average target price of $84.25, while UBS Group and Citigroup have both lowered their price targets to $79.00 and $77.00, respectively.

Voya Investment Management LLC lessened its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 11.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,141,382 shares of the company's stock after selling 389,590 shares during the period. Voya Investment Management LLC owned approximately 1.17% of McCormick & Company, Incorporated worth $258,243,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in McCormick & Company, Incorporated by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 31,874,039 shares of the company's stock valued at $2,623,552,000 after purchasing an additional 136,729 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of McCormick & Company, Incorporated by 28.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company's stock worth $340,406,000 after acquiring an additional 920,618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of McCormick & Company, Incorporated by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,230,719 shares of the company's stock worth $265,920,000 after acquiring an additional 184,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of McCormick & Company, Incorporated by 1.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,046,489 shares of the company's stock worth $232,264,000 after acquiring an additional 43,353 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in McCormick & Company, Incorporated by 2.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company's stock valued at $194,253,000 after acquiring an additional 60,604 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MKC. Citigroup lowered their price objective on McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a research note on Tuesday, June 17th. UBS Group dropped their price target on shares of McCormick & Company, Incorporated from $83.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, August 22nd. Stifel Nicolaus decreased their price target on McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating for the company in a research report on Tuesday, July 29th. Wall Street Zen lowered McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday. Finally, JPMorgan Chase & Co. raised shares of McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $69.00 to $83.00 in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of "Moderate Buy" and an average price target of $84.25.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock traded down $2.88 during trading on Monday, reaching $66.07. 3,202,655 shares of the company's stock traded hands, compared to its average volume of 2,332,523. The firm's 50-day moving average is $70.70 and its 200 day moving average is $74.48. 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 has a 1 year low of $65.95 and a 1 year high of $86.24. The company has a market capitalization of $17.73 billion, a P/E ratio of 22.94, a PEG ratio of 3.38 and a beta of 0.65.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings results on Thursday, June 26th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the company earned $0.69 earnings per share. 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. Equities research analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, July 7th. McCormick & Company, Incorporated's payout ratio is 62.50%.

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.