McCormick & Company Non-Voting

MKC

Market cap $14.3B

Fundsmith Equity Fund was down by 2.9% in the first 6 months of the year, 14.1 percentage points less than what is perhaps the most obvious comparator, the MSCI World Index (£ net). Atlas Copco's organic growth has been anaemic over the last two years, which in our view does not justify a

The company's core seasoning business has lost market share over the past few years to cheaper alternatives in the spice aisle. Unilever Foods brands like Hellmann's and Knorr face less competition from store brands.

Costco is one of the world's largest retailers and has grown strongly for years. The stock's yield is modest, and its valuation is lofty.

MKC's outlook rests on resilient flavor demand, pricing discipline and margin gains, while soft volumes and modest organic growth keep investors watching.

MKC's growth story rests on resilient flavor demand, health-focused innovation, cost savings and portfolio moves, but volume execution still needs work.

MKC's sharp pullback and margin recovery make its valuation look appealing, but soft Consumer volumes and modest organic growth keep the case mixed.

The proposed combination with Unilever's food business could triple the business, generate shareholder value, and provide sufficient cash flow to enable balance sheet quality and capital returns.

McCormick is rated a buy, with a 35% upside to a $65 PT, driven by the transformative Unilever Foods deal and a compelling 4% dividend yield. Despite underwhelming Q2 results and ongoing Consumer segment weakness in the Americas, MKC's valuation is at a ten-year low and reflects current headwinds. The Unilever deal is expected to deliver mid/high-single-digit EPS accretion in year one, rising to mid-high teens by year three, with significant scale and geographic diversification.

Dividend Aristocrats rebounded in June and are now outperforming SPY YTD with a 9.61% return versus SPY's 6.91%. CAT leads 2026 performance at +76.98%, with 46 Aristocrats now ahead of SPY and 39 posting double-digit total returns. Recent dividend increases averaged 4.09%, slightly below the 2025 average, with 2026's average dividend growth rate at 3.97%.

McCormick & Company Inc. (NYSE:MKC) on Thursday reported second-quarter results that exceeded Wall Street expectations.