Bank of New York Mellon Corp Sells 123,765 Shares of McCormick & Company, Incorporated $MKC

Bank of New York Mellon Corp trimmed its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 8.1% in the second quarter, Holdings Channel.com reports. The firm owned 1,396,191 shares of the company’s stock after selling 123,765 shares during the quarter. Bank of New York Mellon Corp’s holdings in McCormick & Company, Incorporated were worth $105,859,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. grew its holdings 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 purchasing an additional 1,467,254 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in 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 worth $340,406,000 after buying an additional 920,618 shares during the period. Alecta Tjanstepension Omsesidigt grew its holdings in McCormick & Company, Incorporated by 94.7% during the 2nd 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 last quarter. Nuveen LLC acquired a new position in McCormick & Company, Incorporated in the 1st quarter valued at approximately $55,643,000. Finally, Westfield Capital Management Co. LP acquired a new position in McCormick & Company, Incorporated in the 1st quarter valued at approximately $47,056,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Trading Up 1.6%

MKC opened at $65.05 on Friday. The company has a fifty day moving average price of $66.79 and a two-hundred day moving average price of $70.83. McCormick & Company, Incorporated has a 1-year low of $63.15 and a 1-year high of $86.24. The company has a market cap of $17.46 billion, a P/E ratio of 22.51, a price-to-earnings-growth ratio of 3.74 and a beta of 0.61. The company has a current ratio of 0.71, a quick ratio of 0.29 and a debt-to-equity ratio of 0.54.

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

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 27th. Investors of record on Tuesday, October 14th were issued a dividend of $0.45 per share. The ex-dividend date was Tuesday, October 14th. This represents a $1.80 annualized dividend and a yield of 2.8%. McCormick & Company, Incorporated’s payout ratio is 62.28%.

Analyst Ratings Changes

Several analysts recently weighed in on MKC shares. JPMorgan Chase & Co. reduced their price objective on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating on the stock in a research note on Thursday, September 25th. UBS Group reduced their price target on McCormick & Company, Incorporated from $71.00 to $70.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on McCormick & Company, Incorporated from $79.00 to $71.00 and set a “hold” rating for the company in a research report on Wednesday, October 8th. Stifel Nicolaus cut their price objective on McCormick & Company, Incorporated from $76.00 to $71.00 and set a “hold” rating on the stock in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group decreased their target price 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, October 8th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $78.22.

Insider Transactions at McCormick & Company, Incorporated

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $65.86, for a total value of $3,293,000.00. Following the transaction, the insider owned 246,762 shares in the company, valued at $16,251,745.32. The trade was a 16.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.80% of the company’s stock.

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.