State Board of Administration of Florida Retirement System Grows Holdings in McCormick & Company, Incorporated $MKC

State Board of Administration of Florida Retirement System grew its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 0.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 248,230 shares of the company’s stock after buying an additional 961 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.09% of McCormick & Company, Incorporated worth $18,821,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in McCormick & Company, Incorporated by 1.7% during the second quarter. Vanguard Group Inc. now owns 32,427,901 shares of the company’s stock valued at $2,458,683,000 after purchasing an additional 553,862 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of McCormick & Company, Incorporated by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 6,375,983 shares of the company’s stock valued at $481,354,000 after buying an additional 133,800 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of McCormick & Company, Incorporated by 28.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company’s stock valued at $340,406,000 after buying an additional 920,618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in McCormick & Company, Incorporated by 6.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,230,719 shares of the company’s stock worth $265,920,000 after buying an additional 184,230 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in McCormick & Company, Incorporated by 2.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company’s stock worth $194,253,000 after buying an additional 60,604 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Up 1.0%

Shares of NYSE:MKC opened at $68.01 on Monday. McCormick & Company, Incorporated has a 1 year low of $63.15 and a 1 year high of $86.24. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.71 and a quick ratio of 0.29. The stock’s 50-day moving average is $66.13 and its 200 day moving average is $69.81. The company has a market cap of $18.25 billion, a PE ratio of 23.53, a P/E/G ratio of 3.74 and a beta of 0.61.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.03. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.71 billion. McCormick & Company, Incorporated had a return on equity of 14.30% and a net margin of 11.46%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. McCormick & Company, Incorporated has set its FY 2025 guidance at 3.000-3.050 EPS. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current year.

McCormick & Company, Incorporated Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Monday, December 29th will be given a $0.48 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $1.92 annualized dividend and a dividend yield of 2.8%. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.45. McCormick & Company, Incorporated’s dividend payout ratio is 66.44%.

Insider Transactions at McCormick & Company, Incorporated

In related news, major shareholder Lawrence Erik Kurzius sold 39,014 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $64.54, for a total transaction of $2,517,963.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brendan M. Foley sold 57,144 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $65.56, for a total transaction of $3,746,360.64. Following the completion of the sale, the chief executive officer owned 108,652 shares of the company’s stock, valued at $7,123,225.12. This trade represents a 34.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 146,158 shares of company stock worth $9,557,324 in the last ninety days. Insiders own 23.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Sanford C. Bernstein decreased their price target on shares of McCormick & Company, Incorporated from $102.00 to $93.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 8th. Jefferies Financial Group reduced their price objective on McCormick & Company, Incorporated from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. JPMorgan Chase & Co. dropped their target price on McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating for the company in a report on Thursday, September 25th. Wall Street Zen upgraded McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Stifel Nicolaus lowered their price objective on McCormick & Company, Incorporated from $76.00 to $71.00 and set a “hold” rating for the company in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price 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.