OLD National Bancorp IN Reduces Holdings in McCormick & Company, Incorporated (NYSE:MKC)

OLD National Bancorp IN cut its stake in McCormick & Company, Incorporated (NYSE:MKC) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,458 shares of the company’s stock after selling 207 shares during the quarter. OLD National Bancorp IN’s holdings in McCormick & Company, Incorporated were worth $373,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in McCormick & Company, Incorporated by 64.6% in the third quarter. Wellington Management Group LLP now owns 108,623 shares of the company’s stock valued at $8,216,000 after acquiring an additional 42,625 shares during the period. Cullen Investment Group LTD. acquired a new position in McCormick & Company, Incorporated in the fourth quarter valued at approximately $5,728,000. International Assets Investment Management LLC lifted its holdings in McCormick & Company, Incorporated by 7,344.4% in the fourth quarter. International Assets Investment Management LLC now owns 116,132 shares of the company’s stock valued at $7,946,000 after acquiring an additional 114,572 shares during the period. abrdn plc lifted its holdings in McCormick & Company, Incorporated by 19.1% in the fourth quarter. abrdn plc now owns 443,332 shares of the company’s stock valued at $30,333,000 after acquiring an additional 71,133 shares during the period. Finally, Jacobs & Co. CA lifted its holdings in McCormick & Company, Incorporated by 12.7% in the fourth quarter. Jacobs & Co. CA now owns 142,949 shares of the company’s stock valued at $9,780,000 after acquiring an additional 16,098 shares during the period. 79.74% of the stock is owned by institutional investors and hedge funds.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $75.85 on Thursday. The stock has a market cap of $20.36 billion, a PE ratio of 28.95, a P/E/G ratio of 3.85 and a beta of 0.74. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $94.39. The stock has a fifty day simple moving average of $71.22 and a 200-day simple moving average of $67.69.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the prior year, the company earned $0.59 EPS. McCormick & Company, Incorporated’s revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Analyst Upgrades and Downgrades

MKC has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research note on Friday, January 26th. Citigroup upped their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday, March 27th. Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Tuesday, April 2nd. Stifel Nicolaus upped their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, March 27th. Finally, Consumer Edge downgraded McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.88.

Insider Buying and Selling

In related news, Director Maritza Gomez Montiel sold 7,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $77.00, for a total transaction of $539,000.00. Following the transaction, the director now owns 5,594 shares of the company’s stock, valued at approximately $430,738. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the sale, the director now owns 39,181 shares of the company’s stock, valued at approximately $2,554,601.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maritza Gomez Montiel sold 7,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now directly owns 5,594 shares in the company, valued at approximately $430,738. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,726 shares of company stock valued at $2,504,728. Corporate insiders own 22.90% of the company’s stock.

About McCormick & Company, Incorporated

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.