Unilever holds steady post-Food sale, with stable growth and shareholder returns but limited near-term upside.

Unilever remains a Hold after selling its Food business, with Q1 showing 3.8% sales growth driven by emerging markets and strong Home Care performance. The McCormick deal brought $15.7 billion in cash and a 9.9% stake in the new company, enabling buybacks and growth initiatives. Despite a solid dividend and buyback program supporting shareholders, the valuation suggests the stock price already reflects its intrinsic value, limiting short-term upside potential amid ongoing macroeconomic challenges.