State of New Jersey Common Pension Fund D Sells 703 Shares of McCormick & Company, Incorporated $MKC

State of New Jersey Common Pension Fund D reduced its holdings in McCormick & Company, Incorporated (NYSE:MKC) by 0.8% in the second quarter, HoldingsChannel reports. The firm owned 84,891 shares of the company’s stock after selling 703 shares during the period. State of New Jersey Common Pension Fund D’s holdings in McCormick & Company, Incorporated were worth $6,436,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MKC. Capital Analysts LLC bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter valued at $26,000. Zions Bancorporation National Association UT bought a new stake in McCormick & Company, Incorporated in the first quarter valued at $28,000. Wayfinding Financial LLC bought a new stake in McCormick & Company, Incorporated in the first quarter valued at $30,000. Stonebridge Financial Group LLC increased its stake in McCormick & Company, Incorporated by 101.0% in the first quarter. Stonebridge Financial Group LLC now owns 402 shares of the company’s stock valued at $33,000 after purchasing an additional 202 shares in the last quarter. Finally, Trust Co. of Toledo NA OH bought a new stake in McCormick & Company, Incorporated in the second quarter valued at $43,000. 79.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MKC has been the subject of a number of research analyst reports. Barclays decreased their target price on McCormick & Company, Incorporated from $82.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Weiss Ratings restated a “hold (c-)” rating on shares of McCormick & Company, Incorporated in a report on Tuesday, October 14th. Sanford C. Bernstein decreased their price objective on McCormick & Company, Incorporated from $102.00 to $93.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price objective on 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, Deutsche Bank Aktiengesellschaft decreased their price target on shares of McCormick & Company, Incorporated from $79.00 to $71.00 and set a “hold” rating for the company in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, McCormick & Company, Incorporated has a consensus rating of “Hold” and an average target price of $78.22.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $66.86 on Monday. McCormick & Company, Incorporated has a 1 year low of $63.66 and a 1 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 $17.94 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 3.91 and a beta of 0.63. The company has a fifty day moving average price of $67.91 and a 200-day moving average price of $71.56.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, October 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm 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 business posted $0.83 EPS. The business’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, equities research analysts predict that McCormick & Company, Incorporated will post 3.07 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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

Insider Activity

In other news, major shareholder Lawrence Erik Kurzius sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $65.86, for a total value of $3,293,000.00. Following the completion of the transaction, the insider directly 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 legal filing with the SEC, which is available at this hyperlink. 23.80% of the stock is currently owned by corporate insiders.

McCormick & Company, Incorporated Company 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.