McCormick Is Down 27% From Its High. Time to Buy?
Anyone who thought they'd spice up their portfolio by adding McCormick (NYSE: MKC) to the mix has been left with a bad taste in their mouth. Inflation, higher energy costs, rising interest rates, ongoing COVID disruptions in China, and a heavy debt load as a result of acquisitions have taken their toll on this consumer staple stalwart, causing McCormick to reduce its full-year outlook. Consumers found themselves pinched by higher prices and higher fuel costs, which caused them to tighten their belts, resulting in lower sales volumes for McCormick.