OLD National Bancorp IN Raises Position in McCormick & Company, Incorporated (NYSE:MKC)

Posted by Defense World Staff on Apr 25th, 2023

OLD National Bancorp IN raised its stake in shares of McCormick & Company, Incorporated (NYSE:MKC – Get Rating) by 58.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,438 shares of the company’s stock after purchasing an additional 2,000 shares during the period. OLD National Bancorp IN’s holdings in McCormick & Company, Incorporated were worth $451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MKC. Evermay Wealth Management LLC grew its stake in McCormick & Company, Incorporated by 412.8% in the third quarter. Evermay Wealth Management LLC now owns 400 shares of the company’s stock worth $29,000 after purchasing an additional 322 shares in the last quarter. Align Wealth Management LLC bought a new position in McCormick & Company, Incorporated in the fourth quarter worth approximately $29,000. Point72 Hong Kong Ltd bought a new position in McCormick & Company, Incorporated in the first quarter worth approximately $44,000. Standard Family Office LLC bought a new position in McCormick & Company, Incorporated in the third quarter worth approximately $46,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC grew its stake in McCormick & Company, Incorporated by 1,153.3% in the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 752 shares of the company’s stock worth $53,000 after purchasing an additional 692 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $75.00, for a total value of $375,000.00. Following the sale, the director now owns 38,137 shares in the company, valued at $2,860,275. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.00% of the company’s stock.

McCormick & Company, Incorporated Stock Down 0.5 %

McCormick & Company, Incorporated stock opened at $85.22 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.32 and a current ratio of 0.73. The business’s 50-day simple moving average is $77.80 and its two-hundred day simple moving average is $79.43. The company has a market cap of $22.86 billion, a PE ratio of 34.50, a PEG ratio of 4.75 and a beta of 0.58. McCormick & Company, Incorporated has a fifty-two week low of $70.60 and a fifty-two week high of $103.84.

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) last posted its quarterly earnings results on Tuesday, March 28th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.10. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.54 billion. McCormick & Company, Incorporated had a return on equity of 14.34% and a net margin of 10.42%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. Equities analysts anticipate that McCormick & Company, Incorporated will post 2.61 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 24th. Stockholders of record on Monday, April 10th were paid a $0.39 dividend. The ex-dividend date was Thursday, April 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.83%. McCormick & Company, Incorporated’s payout ratio is 63.16%.

Analyst Ratings Changes

MKC has been the subject of a number of analyst reports. Sanford C. Bernstein upgraded McCormick & Company, Incorporated from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a report on Friday, January 27th. StockNews.com initiated coverage on McCormick & Company, Incorporated in a report on Thursday, March 16th. They set a “hold” rating for the company. JPMorgan Chase & Co. upped their target price on McCormick & Company, Incorporated from $63.00 to $66.00 and gave the stock an “underweight” rating in a report on Wednesday, March 29th. Stifel Nicolaus initiated coverage on McCormick & Company, Incorporated in a report on Thursday, April 13th. They set a “hold” rating and a $82.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on McCormick & Company, Incorporated from $69.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, March 29th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus target price of $80.10.

McCormick & Company, Incorporated Profile

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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.