Wellington Management Group LLP Boosts Stock Position in McCormick & Company, Incorporated $MKC

Key Points

• Wellington Management Group LLP increased its stake in McCormick & Company by 37.0%, owning 207,613 shares valued at approximately $17.1 million as of the end of the most recent quarter.
• McCormick & Company reported $0.69 earnings per share for the last quarter, exceeding the consensus estimate by $0.04, despite revenues showing only a 1.0% year-over-year increase.
• The company declared a quarterly dividend of $0.45 per share, which translates to an annualized dividend of $1.80 and a yield of 2.6%.

Wellington Management Group LLP lifted its position in McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 37.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 207,613 shares of the company's stock after purchasing an additional 56,090 shares during the quarter. Wellington Management Group LLP owned 0.08% of McCormick & Company, Incorporated worth $17,089,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation National Association UT bought a new position in McCormick & Company, Incorporated during the 1st quarter valued at approximately $28,000. Wayfinding Financial LLC bought a new position in McCormick & Company, Incorporated during the 1st quarter valued at approximately $30,000. Salem Investment Counselors Inc. raised its position in McCormick & Company, Incorporated by 610.9% during the 1st quarter. Salem Investment Counselors Inc. now owns 391 shares of the company's stock valued at $32,000 after purchasing an additional 336 shares during the last quarter. Ameriflex Group Inc. bought a new position in McCormick & Company, Incorporated during the 4th quarter valued at approximately $33,000. Finally, Stonebridge Financial Group LLC raised its position in shares of McCormick & Company, Incorporated by 101.0% in the 1st quarter. Stonebridge Financial Group LLC now owns 402 shares of the company's stock worth $33,000 after acquiring an additional 202 shares in the last quarter. Institutional investors own 79.74% of the company's stock.

McCormick & Company, Incorporated Trading Down 0.2%

MKC opened at $70.41 on Wednesday. The firm has a market cap of $18.90 billion, a P/E ratio of 24.45, a P/E/G ratio of 3.46 and a beta of 0.66. McCormick & Company, Incorporated has a 12 month low of $68.23 and a 12 month high of $86.24. The company has a current ratio of 0.68, a quick ratio of 0.27 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average of $72.07 and a 200 day moving average of $75.31.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings results on Thursday, June 26th. The company reported $0.69 earnings per share 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 during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the firm posted $0.69 earnings per share. The company'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 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend 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 payout ratio is 62.50%.

Wall Street Analyst Weigh In

MKC has been the subject of several research reports. Stifel Nicolaus decreased their target price 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. JPMorgan Chase & Co. upgraded McCormick & Company, Incorporated from a "neutral" rating to an "overweight" rating and increased their target price for the company from $69.00 to $83.00 in a research note on Wednesday, August 20th. Citigroup dropped 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. Wall Street Zen upgraded McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, UBS Group lowered their target price on 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. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of "Moderate Buy" and a consensus price target 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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