McCormick & Company, Incorporated (NYSE:MKC) Announces Earnings Results, Beats Estimates By $0.15 EPS

McCormick & Company, Incorporated (NYSE:MKC) announced its quarterly earnings data on Tuesday. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the company posted $0.65 EPS. McCormick & Company, Incorporated’s quarterly revenue was down .3% on a year-over-year basis. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.850-2.900 EPS and its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Stock Performance

MKC traded down $1.43 on Thursday, reaching $80.61. 447,199 shares of the stock were exchanged, compared to its average volume of 1,945,180. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The company’s 50-day moving average price is $80.21 and its 200 day moving average price is $75.20. The firm has a market capitalization of $21.65 billion, a PE ratio of 29.95, a PEG ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $85.49.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.90% of the company’s stock.

Wall Street Analysts Forecast Growth

MKC has been the subject of several research analyst reports. Bank of America lifted 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 note on Wednesday. Stifel Nicolaus upped their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Finally, TD Cowen lifted their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $79.57.

About McCormick & Company, Incorporated

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.