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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.800-2.850 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Stock Up 0.5 %

NYSE:MKC opened at $70.94 on Friday. The firm has a market capitalization of $19.04 billion, a PE ratio of 25.89, a price-to-earnings-growth ratio of 3.70 and a beta of 0.74. The stock has a 50 day moving average of $72.19 and a 200-day moving average of $70.15. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $90.83. The company has a current ratio of 0.69, a quick ratio of 0.30 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Thursday, June 27th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 earnings per share. Analysts predict that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MKC shares. Barclays increased their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Stifel Nicolaus increased their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a report on Wednesday, March 27th. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen decreased their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a report on Monday, June 24th. Finally, Argus raised McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price objective for the company in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, McCormick & Company, Incorporated has an average rating of Hold and an average price target of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 1,726 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the sale, the director now owns 199,258 shares in the company, valued at approximately $14,695,277.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Katherine Jenkins sold 1,726 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The disclosure for this sale can be found here. In the last three months, insiders sold 104,458 shares of company stock valued at $7,747,114. 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.