M&T Bank Corp Decreases Stake in McCormick & Company, Incorporated $MKC

M&T Bank Corp lessened its holdings in shares of McCormick & Company, Incorporated (NYSE:MKC) by 11.5% during the second quarter, HoldingsChannel reports. The fund owned 72,060 shares of the company’s stock after selling 9,343 shares during the period. M&T Bank Corp’s holdings in McCormick & Company, Incorporated were worth $5,464,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of McCormick & Company, Incorporated by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 32,427,901 shares of the company’s stock worth $2,458,683,000 after purchasing an additional 553,862 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of McCormick & Company, Incorporated by 2.1% in the second quarter. Geode Capital Management LLC now owns 6,375,983 shares of the company’s stock valued at $481,354,000 after purchasing an additional 133,800 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of McCormick & Company, Incorporated by 28.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,135,648 shares of the company’s stock valued at $340,406,000 after purchasing an additional 920,618 shares during the period. Norges Bank purchased a new stake in McCormick & Company, Incorporated during the second quarter worth about $249,087,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in McCormick & Company, Incorporated by 6.0% during the first 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 period. Institutional investors and hedge funds own 79.74% of the company’s stock.

Insider Activity

In other McCormick & Company, Incorporated news, CEO Brendan M. Foley sold 57,144 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $65.56, for a total value of $3,746,360.64. Following the transaction, the chief executive officer directly owned 108,652 shares in the company, valued at approximately $7,123,225.12. This represents a 34.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $65.86, for a total transaction of $3,293,000.00. Following the sale, the insider directly owned 246,762 shares in the company, valued at $16,251,745.32. This represents a 16.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 146,158 shares of company stock valued at $9,557,324 in the last three months. 23.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MKC. 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, October 8th. Jefferies Financial Group dropped their price objective on McCormick & Company, Incorporated from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, October 8th. Wall Street Zen raised McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a research report on Tuesday, October 14th. Finally, Stifel Nicolaus lowered their target price on McCormick & Company, Incorporated from $76.00 to $71.00 and set a “hold” rating on the stock in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.22.

McCormick & Company, Incorporated Trading Down 1.1%

Shares of McCormick & Company, Incorporated stock opened at $63.43 on Friday. McCormick & Company, Incorporated has a 1 year low of $63.14 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 business has a 50 day moving average price of $66.14 and a 200 day moving average price of $69.60. The company has a market capitalization of $17.02 billion, a P/E ratio of 21.95, a P/E/G ratio of 4.44 and a beta of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last announced its earnings results on Tuesday, October 7th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates 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%.McCormick & Company, Incorporated’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. 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 fiscal year.

McCormick & Company, Incorporated Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Monday, December 29th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, December 29th. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.45. McCormick & Company, Incorporated’s dividend payout ratio is presently 62.28%.

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.