McCormick & Company, Incorporated (NYSE:MKC) Updates FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.850-2.900 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Trading Down 2.4 %

NYSE MKC opened at $82.06 on Thursday. The stock has a market cap of $22.04 billion, a PE ratio of 29.95, a PEG ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $85.49. The company’s 50-day moving average price is $80.21 and its 200-day moving average price is $75.20. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.15. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. Equities research analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.05%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and upped their price objective for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. Bank of America increased their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a buy rating in a research report on Wednesday. Stifel Nicolaus raised their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a hold rating in a report on Wednesday. Finally, TD Cowen boosted their price objective on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a hold rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $79.57.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now owns 199,258 shares in the company, valued at $14,944,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.90% of the stock is owned by insiders.

McCormick & Company, Incorporated Company Profile

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.