abrdn plc Has $30.33 Million Stake in McCormick & Company, Incorporated (NYSE:MKC)

abrdn plc raised its stake in shares of McCormick & Company, Incorporated (NYSE:MKC) by 19.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 443,332 shares of the company’s stock after purchasing an additional 71,133 shares during the quarter. abrdn plc owned 0.17% of McCormick & Company, Incorporated worth $30,333,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Alecta Tjanstepension Omsesidigt bought a new position in McCormick & Company, Incorporated during the fourth quarter valued at about $92,340,000. Impax Asset Management Group plc grew its holdings in shares of McCormick & Company, Incorporated by 157.2% during the 4th quarter. Impax Asset Management Group plc now owns 1,063,273 shares of the company’s stock worth $72,749,000 after purchasing an additional 649,908 shares in the last quarter. Fenimore Asset Management Inc. increased its position in shares of McCormick & Company, Incorporated by 369.2% during the fourth quarter. Fenimore Asset Management Inc. now owns 695,031 shares of the company’s stock valued at $47,554,000 after purchasing an additional 546,911 shares during the period. Scopus Asset Management L.P. raised its stake in shares of McCormick & Company, Incorporated by 711.3% in the third quarter. Scopus Asset Management L.P. now owns 547,600 shares of the company’s stock valued at $41,420,000 after purchasing an additional 480,100 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in McCormick & Company, Incorporated by 183.2% in the third quarter. Acadian Asset Management LLC now owns 641,897 shares of the company’s stock worth $48,535,000 after purchasing an additional 415,269 shares during the period. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

Shares of MKC stock opened at $74.69 on Tuesday. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $94.39. The stock has a market capitalization of $20.05 billion, a PE ratio of 28.51, a PEG ratio of 3.79 and a beta of 0.74. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. The stock’s fifty day moving average is $70.80 and its 200-day moving average is $67.56.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. 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 firm earned $0.59 EPS. The company’s revenue was up 2.4% on a year-over-year basis. Equities research analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, April 5th. McCormick & Company, Incorporated’s dividend payout ratio is 64.12%.

Insiders Place Their Bets

In other news, Director Maritza Gomez Montiel sold 7,000 shares of the company’s stock in a transaction on 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 $430,738. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the transaction, the director now directly owns 39,181 shares in the company, valued at approximately $2,554,601.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Maritza Gomez Montiel sold 7,000 shares of McCormick & Company, Incorporated stock in a transaction on 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 directly owns 5,594 shares in the company, valued at $430,738. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,000 shares of company stock valued at $2,376,400. 22.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a report on Friday, January 26th. Argus raised shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Tuesday, April 2nd. Barclays lifted their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, March 28th. Consumer Edge cut McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a report on Monday, January 22nd. Finally, Citigroup boosted their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.88.

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.