Allspring Global Investments Holdings LLC Cuts Stock Holdings in McCormick & Company, Incorporated $MKC

Allspring Global Investments Holdings LLC trimmed its position in shares of McCormick & Company, Incorporated (NYSE:MKC) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,890 shares of the company’s stock after selling 438 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in McCormick & Company, Incorporated were worth $840,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of McCormick & Company, Incorporated by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 31,874,039 shares of the company’s stock valued at $2,623,552,000 after purchasing an additional 136,729 shares in the last quarter. T. Rowe Price Investment Management Inc. increased 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 purchasing an additional 920,618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of McCormick & Company, Incorporated by 6.0% during 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 valued at $265,920,000 after purchasing an additional 184,230 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of McCormick & Company, Incorporated by 2.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,360,020 shares of the company’s stock valued at $194,253,000 after purchasing an additional 60,604 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt increased its holdings in shares of McCormick & Company, Incorporated by 94.7% during the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 1,779,000 shares of the company’s stock valued at $134,795,000 after purchasing an additional 865,500 shares in the last quarter. 79.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. UBS Group cut their price target 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. Stifel Nicolaus cut their price target on shares of McCormick & Company, Incorporated from $76.00 to $71.00 and set a “hold” rating for the company in a report on Wednesday, October 8th. Barclays cut their price target on shares of McCormick & Company, Incorporated from $82.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an “overweight” rating for the company in a report on Thursday, September 25th. Finally, Wall Street Zen raised shares of McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.22.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock opened at $67.34 on Friday. McCormick & Company, Incorporated has a 52-week low of $63.66 and a 52-week high of $86.24. The firm has a market capitalization of $18.07 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 4.02 and a beta of 0.63. The company has a fifty day simple moving average of $67.96 and a 200-day simple moving average of $71.63. The company has a quick ratio of 0.29, a current ratio of 0.71 and a debt-to-equity ratio of 0.54.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. McCormick & Company, Incorporated had a net margin of 11.46% and a return on equity of 14.30%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm earned $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. On average, equities analysts anticipate that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.7%. McCormick & Company, Incorporated’s dividend payout ratio is presently 62.28%.

McCormick & Company, Incorporated 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.