Short Interest in McCormick & Company, Incorporated (NYSE:MKC) Rises By 19.7%

McCormick & Company, Incorporated (NYSE:MKC) was the target of a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 12,138,693 shares, an increase of 19.7% from the March 31st total of 10,142,095 shares. Based on an average daily trading volume, of 6,133,279 shares, the short-interest ratio is currently 2.0 days. Approximately 5.1% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

MKC has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target on shares of McCormick & Company, Incorporated from $67.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Weiss Ratings restated a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a report on Monday. BNP Paribas Exane dropped their price objective on shares of McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. BTIG Research initiated coverage on shares of McCormick & Company, Incorporated in a report on Tuesday, April 14th. They set a “neutral” rating on the stock. Finally, Jefferies Financial Group reduced their target price on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and an average target price of $64.27.

McCormick & Company, Incorporated Stock Down 1.2%

Shares of MKC stock traded down $0.60 during trading hours on Friday, reaching $50.25. 2,913,032 shares of the stock were exchanged, compared to its average volume of 4,088,497. The business’s fifty day moving average is $56.64 and its two-hundred day moving average is $63.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.76 and a quick ratio of 0.36. McCormick & Company, Incorporated has a 12-month low of $47.52 and a 12-month high of $78.16. The firm has a market capitalization of $13.50 billion, a P/E ratio of 8.24, a P/E/G ratio of 2.49 and a beta of 0.68.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 31st. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the business earned $0.60 EPS. The company’s revenue was up 16.7% on a year-over-year basis. As a group, research analysts expect that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 27th. Stockholders of record on Monday, April 20th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, April 20th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 31.48%.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $67.92, for a total value of $339,600.00. Following the transaction, the director directly owned 43,029 shares in the company, valued at approximately $2,922,529.68. This represents a 10.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jacques Tapiero sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $67.09, for a total transaction of $335,450.00. Following the completion of the transaction, the director owned 31,596 shares in the company, valued at approximately $2,119,775.64. This represents a 13.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 65,000 shares of company stock valued at $4,575,800. 10.60% of the stock is owned by insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Hedge funds and other institutional investors have recently modified their holdings of the company. GoalVest Advisory LLC acquired a new stake in shares of McCormick & Company, Incorporated in the 4th quarter valued at $28,000. Deseret Mutual Benefit Administrators raised its stake in McCormick & Company, Incorporated by 67.8% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock worth $28,000 after acquiring an additional 164 shares in the last quarter. Motiv8 Investments LLC acquired a new stake in McCormick & Company, Incorporated during the 4th quarter worth $28,000. Zions Bancorporation National Association UT raised its stake in McCormick & Company, Incorporated by 340.0% during the 4th quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock worth $31,000 after acquiring an additional 357 shares in the last quarter. Finally, SouthState Bank Corp raised its stake in McCormick & Company, Incorporated by 1,777.8% during the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company’s stock worth $34,000 after acquiring an additional 480 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated (NYSE: MKC) is a global leader in spices, seasonings and flavor solutions. Headquartered in Hunt Valley, Maryland, the company traces its origins to the late 19th century and has grown into a major manufacturer and marketer of branded and private‑label flavor products for consumer, industrial and foodservice markets.

McCormick’s product portfolio includes pure spices and herbs, blended seasonings, marinades, rubs, sauces, extracts and specialty flavorings, along with ingredient systems and custom flavor development for manufacturers and foodservice operators.