Mattern Capital Management LLC Boosts Stock Position in McCormick & Company, Incorporated $MKC

Mattern Capital Management LLC raised its stake in McCormick & Company, Incorporated (NYSE:MKC) by 18.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,729 shares of the company’s stock after purchasing an additional 18,732 shares during the period. Mattern Capital Management LLC’s holdings in McCormick & Company, Incorporated were worth $8,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MKC. GoalVest Advisory LLC purchased a new position in McCormick & Company, Incorporated in the fourth quarter valued at about $28,000. SouthState Bank Corp grew its stake in McCormick & Company, Incorporated by 1,777.8% in the third quarter. SouthState Bank Corp now owns 507 shares of the company’s stock valued at $34,000 after purchasing an additional 480 shares during the last quarter. Steigerwald Gordon & Koch Inc. purchased a new position in McCormick & Company, Incorporated in the third quarter valued at about $37,000. Rakuten Investment Management Inc. purchased a new position in McCormick & Company, Incorporated in the third quarter valued at about $47,000. Finally, Rothschild Investment LLC grew its stake in McCormick & Company, Incorporated by 114.0% in the third quarter. Rothschild Investment LLC now owns 762 shares of the company’s stock valued at $51,000 after purchasing an additional 406 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

McCormick & Company, Incorporated Price Performance

Shares of MKC stock opened at $51.51 on Friday. McCormick & Company, Incorporated has a fifty-two week low of $47.52 and a fifty-two week high of $78.16. The firm has a market capitalization of $13.84 billion, a price-to-earnings ratio of 8.44, a PEG ratio of 2.54 and a beta of 0.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.36 and a current ratio of 0.76. The stock’s 50-day simple moving average is $58.17 and its 200-day simple moving average is $63.45.

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

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Monday, April 20th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, April 20th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.7%. McCormick & Company, Incorporated’s payout ratio is 31.48%.

Insider Transactions at McCormick & Company, Incorporated

In related news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $71.63, for a total transaction of $3,581,500.00. Following the completion of the sale, the insider owned 296,992 shares of the company’s stock, valued at $21,273,536.96. The trade was a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jacques Tapiero sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $67.09, for a total value of $335,450.00. Following the sale, the director directly owned 31,596 shares of the company’s stock, valued at $2,119,775.64. This trade represents a 13.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 65,000 shares of company stock worth $4,575,800. 10.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MKC shares. Stifel Nicolaus cut their target price on McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, April 1st. Zacks Research upgraded McCormick & Company, Incorporated from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Sanford C. Bernstein dropped their price target on McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 24th. Barclays dropped their price target on McCormick & Company, Incorporated from $67.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Finally, BNP Paribas Exane dropped their price target on McCormick & Company, Incorporated from $83.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of “Hold” and a consensus target price of $64.27.

McCormick & Company, Incorporated 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.