Balyasny Asset Management L.P. Has $108.03 Million Position in McCormick & Company, Incorporated $MKC

Balyasny Asset Management L.P. boosted its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 4.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,424,784 shares of the company’s stock after acquiring an additional 57,002 shares during the period. Balyasny Asset Management L.P. owned 0.53% of McCormick & Company, Incorporated worth $108,027,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MKC. Vanguard Group Inc. increased its holdings in shares of McCormick & Company, Incorporated by 1.7% in the second quarter. Vanguard Group Inc. now owns 32,427,901 shares of the company’s stock valued at $2,458,683,000 after purchasing an additional 553,862 shares during the last quarter. Geode Capital Management LLC grew its stake in McCormick & Company, Incorporated by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 6,375,983 shares of the company’s stock valued at $481,354,000 after buying an additional 133,800 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in McCormick & Company, Incorporated by 28.6% in 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 buying an additional 920,618 shares during the last quarter. Invesco Ltd. raised its holdings in McCormick & Company, Incorporated by 44.9% in the 2nd quarter. Invesco Ltd. now owns 3,737,793 shares of the company’s stock valued at $283,399,000 after acquiring an additional 1,158,423 shares during the period. Finally, Norges Bank acquired a new stake in McCormick & Company, Incorporated during the second quarter worth approximately $249,087,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock opened at $66.75 on Friday. The stock’s fifty day moving average price is $65.81 and its two-hundred day moving average price is $69.27. McCormick & Company, Incorporated has a one year low of $62.64 and a one 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 firm has a market cap of $17.91 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 4.57 and a beta of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 7th. The company reported $0.85 earnings per share 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 the consensus estimate of $1.71 billion. During the same period in the prior year, the company posted $0.83 EPS. The company’s revenue 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. As a group, research analysts expect that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Monday, December 29th will be paid a dividend of $0.48 per share. The ex-dividend date is Monday, December 29th. This is a positive change from McCormick & Company, Incorporated’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a yield of 2.9%. McCormick & Company, Incorporated’s dividend payout ratio is currently 62.28%.

Insider Activity

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

Analysts Set New Price Targets

MKC has been the topic of several research reports. Wall Street Zen raised McCormick & Company, Incorporated from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings restated a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a research note on Tuesday, October 14th. Sanford C. Bernstein reiterated an “outperform” rating and set a $87.00 price objective on shares of McCormick & Company, Incorporated in a research report on Thursday. Deutsche Bank Aktiengesellschaft dropped their target price on McCormick & Company, Incorporated from $79.00 to $71.00 and set a “hold” rating for the company in a report on Wednesday, October 8th. Finally, Jefferies Financial Group decreased their price target on shares of McCormick & Company, Incorporated from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $77.56.

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.