5 Best Consumer Staples Stocks to Buy Now

3. McCormick & Company, Incorporated (NYSE: MKC)

Number of Hedge Fund Holders: 36    

McCormick & Company, Incorporated (NYSE: MKC) is a Maryland-based food company that makes and sells spices, seasoning mixes, condiments, and other flavoring products. It was founded in 1889 and is placed third on our list of 10 best consumer staples stocks to buy now. Some of the brands it owns include McCormick, French, Frank’s RedHot, Lawry’s, Gourmet Garden, Club House, and others. The company has a partnership with technology firm IBM to use artificial intelligence in order to develop better food flavorings. 

McCormick & Company, Incorporated stock went up more than 5% on March 30 after the company announced quarterly results, reporting a revenue of more than $1.4 billion, up more than 225 compared to the same period last year and beating market estimates by a healthy $110 million. 

Out of the hedge funds being tracked by Insider Monkey, London-based investment firm Fundsmith LLP  is a leading shareholder in the firm with 16.1 million shares worth more than $1.5 billion. 

In the said letter, Amana Mutual Fund highlighted a few stocks and McCormick & Co Inc (NYSE:MKC) is one of them. Here is what Amana Mutual Fund said:

“Spice merchant McCormick has held up reasonably well, but we thought it might do better given the surge in home cooking. Of course, the restaurant and institutional business has fallen off.”