McCormick & Company, Incorporated (NYSE:MKC) Major Shareholder Lawrence Erik Kurzius Sells 50,000 Shares

Key Points

• Lawrence Erik Kurzius, a major shareholder of McCormick & Company, sold 50,000 shares at an average price of $65.86, totaling approximately $3.29 million, resulting in a 16.85% decrease in his ownership.
• McCormick reported $0.85 earnings per share (EPS) for the quarter, exceeding expectations, with revenue at $1.72 billion, a 2.7% increase year-over-year.
• The company announced a quarterly dividend of $0.45 per share, with a yield of 2.7%, set to be paid on October 27th to investors of record on October 14th.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $65.86, for a total value of $3,293,000.00. Following the completion of the transaction, the insider directly owned 246,762 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

McCormick & Company, Incorporated Stock Performance

MKC traded up $0.05 during midday trading on Friday, hitting $66.16. 484,402 shares of the company were exchanged, compared to its average volume of 2,397,240. The company's 50 day simple moving average is $68.61 and its 200 day simple moving average is $72.55. The company has a current ratio of 0.71, a quick ratio of 0.27 and a debt-to-equity ratio of 0.54. McCormick & Company, Incorporated has a 1-year low of $63.66 and a 1-year high of $86.24. The firm has a market capitalization of $17.75 billion, a price-to-earnings ratio of 22.97, a price-to-earnings-growth ratio of 3.61 and a beta of 0.63.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results 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. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.71 billion. McCormick & Company, Incorporated had a net margin of 11.46% and a return on equity of 14.30%. The company's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 EPS. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. As a group, sell-side analysts predict that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Tuesday, October 14th will be issued a $0.45 dividend. 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 dividend payout ratio (DPR) is 62.28%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MKC. Norges Bank acquired a new position in McCormick & Company, Incorporated in the second quarter valued at $249,087,000. Alyeska Investment Group L.P. increased its stake in shares of McCormick & Company, Incorporated by 1,360.5% during the first quarter. Alyeska Investment Group L.P. now owns 1,575,104 shares of the company's stock worth $129,647,000 after acquiring an additional 1,467,254 shares during the period. Invesco Ltd. increased its stake in shares of McCormick & Company, Incorporated by 44.9% during the second quarter. Invesco Ltd. now owns 3,737,793 shares of the company's stock worth $283,399,000 after acquiring an additional 1,158,423 shares during the period. T. Rowe Price Investment Management Inc. increased its stake 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 during the period. Finally, Alecta Tjanstepension Omsesidigt increased its stake in shares of McCormick & Company, Incorporated by 94.7% during the second quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company's stock worth $134,795,000 after acquiring an additional 865,500 shares during the period. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MKC has been the subject of several research reports. UBS Group dropped 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. Barclays decreased their price objective on shares of McCormick & Company, Incorporated from $82.00 to $72.00 and set an "equal weight" rating for the company in a research report on Wednesday. Jefferies Financial Group decreased their price objective on shares of McCormick & Company, Incorporated from $84.00 to $78.00 and set a "buy" rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of McCormick & Company, Incorporated from $79.00 to $71.00 and set a "hold" rating for the company in a research report on Wednesday. Finally, 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. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of "Hold" and a consensus price target of $78.22.

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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