McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 12,138,693 shares, an increase of 19.7% from the March 31st total of 10,142,095 shares. Approximately 5.1% of the company’s shares are short sold. Based on an average daily volume of 6,133,279 shares, the days-to-cover ratio is currently 2.0 days.
Insider Buying and Selling
In related news, Director Gavin Hattersley purchased 2,000 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were bought at an average price of $52.98 per share, with a total value of $105,960.00. Following the purchase, the director directly owned 2,906 shares in the company, valued at $153,959.88. This trade represents a 220.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Jacques Tapiero sold 5,000 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $67.09, for a total value of $335,450.00. Following the completion of the transaction, the director directly owned 31,596 shares in the company, valued at approximately $2,119,775.64. This trade represents a 13.66% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 65,000 shares of company stock worth $4,575,800. Company insiders own 10.60% of the company’s stock.
Institutional Investors Weigh In On McCormick & Company, Incorporated
Hedge funds and other institutional investors have recently bought and sold shares of the company. GoalVest Advisory LLC acquired a new position in McCormick & Company, Incorporated during the fourth quarter worth $28,000. Deseret Mutual Benefit Administrators increased its position in shares of McCormick & Company, Incorporated by 67.8% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 406 shares of the company’s stock worth $28,000 after purchasing an additional 164 shares during the last quarter. Motiv8 Investments LLC acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $28,000. Zions Bancorporation National Association UT boosted its holdings in shares of McCormick & Company, Incorporated by 340.0% in the 4th quarter. Zions Bancorporation National Association UT now owns 462 shares of the company’s stock valued at $31,000 after buying an additional 357 shares during the last quarter. Finally, SouthState Bank Corp boosted its holdings in shares of McCormick & Company, Incorporated by 1,777.8% in the 3rd quarter. SouthState Bank Corp now owns 507 shares of the company’s stock valued at $34,000 after buying an additional 480 shares during the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
McCormick & Company, Incorporated Stock Down 1.2%
McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) last announced its earnings results on Tuesday, March 31st. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.79 billion. McCormick & Company, Incorporated had a net margin of 23.12% and a return on equity of 13.29%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. On average, sell-side analysts predict that McCormick & Company, Incorporated will post 3.09 EPS for the current fiscal year.
McCormick & Company, Incorporated Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, April 27th. Investors of record on Monday, April 20th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, April 20th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 31.48%.
Analyst Ratings Changes
Several equities analysts have recently issued reports on MKC shares. BTIG Research assumed coverage on McCormick & Company, Incorporated in a research report on Tuesday, April 14th. They set a “neutral” rating for the company. Barclays cut their target price on shares of McCormick & Company, Incorporated from $67.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Sanford C. Bernstein cut their target price on shares of McCormick & Company, Incorporated from $85.00 to $77.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. Stifel Nicolaus cut their target price on shares of McCormick & Company, Incorporated from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, April 1st. Finally, Jefferies Financial Group cut their target price on shares of McCormick & Company, Incorporated from $81.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.27.
Read Our Latest Stock Analysis on McCormick & Company, Incorporated
McCormick & Company, Incorporated Company 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.
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