McCormick & Company, Incorporated (NYSE:MKC) Issues Quarterly Earnings Results

McCormick & Company, Incorporated (NYSE:MKC) announced its quarterly earnings data on Tuesday. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.15, Briefing.com reports. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. 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 Trading Down 1.4 %

MKC stock traded down $1.15 during mid-day trading on Thursday, reaching $80.89. 2,230,133 shares of the stock traded hands, compared to its average volume of 1,954,515. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $85.49. The stock has a market capitalization of $21.73 billion, a PE ratio of 29.42, a PEG ratio of 4.24 and a beta of 0.76. The business has a 50-day moving average price of $80.21 and a two-hundred day moving average price of $75.20.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Analysts Set New Price Targets

MKC has been the subject of a number of recent research reports. Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen raised their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Bank of America raised their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $79.57.

Insider Activity

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 22.90% of the company’s stock.

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.