Allworth Financial LP Decreases Stake in McCormick & Company, Incorporated (NYSE:MKC)

Posted by Defense World Staff on Jul 1st, 2023

Allworth Financial LP lowered its position in shares of McCormick & Company, Incorporated (NYSE:MKC – Free Report) by 5.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,585 shares of the company’s stock after selling 604 shares during the quarter. Allworth Financial LP’s holdings in McCormick & Company, Incorporated were worth $881,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Handelsbanken Fonder AB grew its holdings in shares of McCormick & Company, Incorporated by 14.9% during the 4th quarter. Handelsbanken Fonder AB now owns 115,450 shares of the company’s stock worth $9,570,000 after purchasing an additional 14,938 shares during the period. Penserra Capital Management LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth approximately $2,982,000. HB Wealth Management LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth approximately $251,000. Crossmark Global Holdings Inc. boosted its holdings in McCormick & Company, Incorporated by 1.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 26,202 shares of the company’s stock worth $2,172,000 after acquiring an additional 446 shares during the period. Finally, Absolute Capital Management LLC purchased a new position in McCormick & Company, Incorporated in the 4th quarter worth approximately $257,000. Hedge funds and other institutional investors own 79.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MKC. Credit Suisse Group decreased their price target on McCormick & Company, Incorporated from $75.00 to $72.00 in a report on Tuesday, March 21st. JPMorgan Chase & Co. upped their price target on McCormick & Company, Incorporated from $63.00 to $66.00 and gave the stock an “underweight” rating in a report on Wednesday, March 29th. Deutsche Bank Aktiengesellschaft upped their target price on McCormick & Company, Incorporated from $69.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, March 29th. UBS Group began coverage on McCormick & Company, Incorporated in a research report on Friday, March 10th. They issued a “sell” rating and a $71.00 target price on the stock. Finally, Stifel Nicolaus began coverage on McCormick & Company, Incorporated in a research report on Thursday, April 13th. They issued a “hold” rating and a $82.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $82.60.

McCormick & Company, Incorporated Stock Performance

MKC stock opened at $87.23 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.32 and a debt-to-equity ratio of 0.74. The firm has a market cap of $23.40 billion, a P/E ratio of 35.32, a P/E/G ratio of 4.65 and a beta of 0.58. McCormick & Company, Incorporated has a 12-month low of $70.60 and a 12-month high of $94.39. The stock’s 50 day simple moving average is $89.25 and its 200 day simple moving average is $82.57.

McCormick & Company, Incorporated (NYSE:MKC – Free Report) last posted its quarterly earnings results on Thursday, June 29th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.34% and a net margin of 10.42%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 EPS. As a group, equities research analysts predict that McCormick & Company, Incorporated will post 2.63 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 24th. Investors of record on Monday, July 10th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, July 7th. This represents a $1.56 dividend on an annualized basis and a yield of 1.79%. McCormick & Company, Incorporated’s payout ratio is currently 63.16%.

Insider Buying and Selling

In related news, CEO Lawrence Erik Kurzius sold 39,906 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $90.02, for a total transaction of $3,592,338.12. Following the completion of the transaction, the chief executive officer now directly owns 159,579 shares in the company, valued at approximately $14,365,301.58. The sale was disclosed in a document filed with the SEC, which is available through this link. 19.00% of the stock is owned by company insiders.

McCormick & Company, Incorporated Company Profile

(Free Report)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.