Wendell David Associates Inc. Lowers Stake in McCormick & Company, Incorporated $MKC

Key Points

• Wendell David Associates Inc. reduced its stake in McCormick & Company by 4.1%, owning 158,855 shares after selling 6,871 shares in the second quarter.
• McCormick recently reported an earnings per share (EPS) of $0.85 for the last quarter, surpassing estimates of $0.82 and showing a year-over-year revenue increase of 2.7% to $1.72 billion.
• The company plans to pay a quarterly dividend of $0.45 per share on October 27th, representing an annualized yield of 2.7% with a current payout ratio of 62.28%.

Wendell David Associates Inc. cut its position in shares of McCormick & Company, Incorporated (NYSE:MKC - Free Report) by 4.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,855 shares of the company's stock after selling 6,871 shares during the quarter. McCormick & Company, Incorporated makes up 1.2% of Wendell David Associates Inc.'s investment portfolio, making the stock its 24th largest position. Wendell David Associates Inc. owned about 0.06% of McCormick & Company, Incorporated worth $12,044,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. EagleClaw Capital Managment LLC grew its holdings in shares of McCormick & Company, Incorporated by 0.4% during the first quarter. EagleClaw Capital Managment LLC now owns 36,670 shares of the company's stock worth $3,018,000 after buying an additional 135 shares in the last quarter. Raab & Moskowitz Asset Management LLC grew its holdings in shares of McCormick & Company, Incorporated by 5.0% during the first quarter. Raab & Moskowitz Asset Management LLC now owns 3,506 shares of the company's stock worth $289,000 after buying an additional 167 shares in the last quarter. Horizon Investments LLC grew its holdings in shares of McCormick & Company, Incorporated by 5.0% during the first quarter. Horizon Investments LLC now owns 3,621 shares of the company's stock worth $296,000 after buying an additional 173 shares in the last quarter. ORG Partners LLC grew its holdings in shares of McCormick & Company, Incorporated by 13.2% during the second quarter. ORG Partners LLC now owns 1,484 shares of the company's stock worth $115,000 after buying an additional 173 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC grew its holdings in shares of McCormick & Company, Incorporated by 1.0% during the second quarter. Nicholson Wealth Management Group LLC now owns 19,127 shares of the company's stock worth $1,450,000 after buying an additional 181 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MKC has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of McCormick & Company, Incorporated from $71.00 to $70.00 and set a "neutral" rating for the company in a report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. Barclays lowered their target price on shares of McCormick & Company, Incorporated from $82.00 to $72.00 and set an "equal weight" rating for the company in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of McCormick & Company, Incorporated from a "sell" rating to a "hold" rating in a report on Saturday, October 11th. Finally, Sanford C. Bernstein lowered their target price on shares of McCormick & Company, Incorporated from $102.00 to $93.00 and set an "outperform" rating for the company in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $78.22.

McCormick & Company, Incorporated Price Performance

MKC opened at $67.58 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.71 and a debt-to-equity ratio of 0.54. McCormick & Company, Incorporated has a 52-week low of $63.66 and a 52-week high of $86.24. The company has a 50 day moving average of $68.15 and a two-hundred day moving average of $71.85. The company has a market cap of $18.14 billion, a P/E ratio of 23.38, a P/E/G ratio of 3.91 and a beta of 0.63.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last released its quarterly earnings data on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. McCormick & Company, Incorporated had a net margin of 11.46% and a return on equity of 14.30%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the firm earned $0.83 earnings per share. McCormick & Company, Incorporated's revenue for the quarter was up 2.7% on a year-over-year basis. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. On average, analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Tuesday, October 14th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, October 14th. McCormick & Company, Incorporated's payout ratio is currently 62.28%.

Insider Transactions at McCormick & Company, Incorporated

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the business's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $65.86, for a total transaction of $3,293,000.00. Following the transaction, the insider directly owned 246,762 shares of the company's stock, valued at approximately $16,251,745.32. The trade was a 16.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 23.80% of the stock is currently owned by corporate insiders.

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.

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