Connor Clark & Lunn Investment Management Ltd. Invests $6.91 Million in McCormick & Company, Incorporated (NYSE:MKC)

Posted by Liza Goodheart on May 26th, 2023

Connor Clark & Lunn Investment Management Ltd. bought a new position in McCormick & Company, Incorporated (NYSE:MKC – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 83,323 shares of the company’s stock, valued at approximately $6,907,000.

Several other institutional investors have also made changes to their positions in MKC. American Century Companies Inc. increased its position in shares of McCormick & Company, Incorporated by 15.9% in the first quarter. American Century Companies Inc. now owns 5,072 shares of the company’s stock worth $506,000 after acquiring an additional 696 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of McCormick & Company, Incorporated by 28.1% during the first quarter. Vontobel Holding Ltd. now owns 6,448 shares of the company’s stock worth $627,000 after purchasing an additional 1,415 shares during the period. Sei Investments Co. boosted its holdings in shares of McCormick & Company, Incorporated by 1.0% during the first quarter. Sei Investments Co. now owns 108,139 shares of the company’s stock worth $10,803,000 after purchasing an additional 1,048 shares during the period. Prudential PLC acquired a new stake in shares of McCormick & Company, Incorporated during the first quarter worth approximately $543,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of McCormick & Company, Incorporated during the first quarter worth approximately $313,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

McCormick & Company, Incorporated Stock Down 0.5 %

Shares of NYSE:MKC opened at $87.21 on Friday. The company’s fifty day moving average is $84.66 and its 200-day moving average is $81.46. The company has a market capitalization of $23.39 billion, a PE ratio of 35.31, a P/E/G ratio of 4.86 and a beta of 0.58. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.32 and a current ratio of 0.73. McCormick & Company, Incorporated has a 52 week low of $70.60 and a 52 week high of $94.52.

McCormick & Company, Incorporated (NYSE:MKC – Get Rating) last issued its quarterly earnings results on Tuesday, March 28th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.10. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.54 billion. McCormick & Company, Incorporated had a net margin of 10.42% and a return on equity of 14.34%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. Equities research analysts predict that McCormick & Company, Incorporated will post 2.61 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 24th. Shareholders of record on Monday, April 10th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, April 6th. This represents a $1.56 dividend on an annualized basis and a yield of 1.79%. McCormick & Company, Incorporated’s payout ratio is presently 63.16%.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, CEO Lawrence Erik Kurzius sold 39,906 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $90.02, for a total transaction of $3,592,338.12. Following the transaction, the chief executive officer now directly owns 159,579 shares in the company, valued at approximately $14,365,301.58. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 19.00% of the company’s stock.

Analyst Ratings Changes

MKC has been the subject of several research reports. Stifel Nicolaus initiated coverage on shares of McCormick & Company, Incorporated in a report on Thursday, April 13th. They set a “hold” rating and a $82.00 price target for the company. UBS Group assumed coverage on shares of McCormick & Company, Incorporated in a research note on Friday, March 10th. They issued a “sell” rating and a $71.00 target price for the company. Bank of America lifted their target price on shares of McCormick & Company, Incorporated from $73.00 to $75.00 and gave the company an “underperform” rating in a research note on Wednesday, March 29th. Credit Suisse Group reduced their target price on shares of McCormick & Company, Incorporated from $75.00 to $72.00 in a research note on Tuesday, March 21st. Finally, Sanford C. Bernstein upgraded shares of McCormick & Company, Incorporated from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research note on Friday, January 27th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $80.10.

About McCormick & Company, Incorporated

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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.