McCormick & Company, Incorporated (MKC) Set to Announce Earnings on Thursday

McCormick & Company, Incorporated (NYSE:MKC) will post its quarterly earnings results before the market opens on Thursday, June 27th. Analysts expect McCormick & Company, Incorporated to post earnings of $0.60 per share for the quarter. McCormick & Company, Incorporated has set its FY 2024 guidance at 2.800-2.850 EPS and its FY24 guidance at $2.80-2.85 EPS.Individual that are interested in participating in the company’s earnings conference call can do so using this link.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts expect McCormick & Company, Incorporated to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

McCormick & Company, Incorporated Trading Down 1.2 %

Shares of MKC stock opened at $68.63 on Thursday. The business’s fifty day moving average price is $72.66 and its 200 day moving average price is $70.08. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $94.39. The firm has a market capitalization of $18.42 billion, a PE ratio of 26.19, a P/E/G ratio of 3.60 and a beta of 0.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Friday, April 5th. McCormick & Company, Incorporated’s dividend payout ratio is presently 64.12%.

Insider Buying and Selling

In other news, Director Maritza Gomez Montiel sold 7,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $77.00, for a total value of $539,000.00. Following the transaction, the director now directly owns 5,594 shares in the company, valued at approximately $430,738. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Patricia A. Little sold 20,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the sale, the director now owns 24,732 shares in the company, valued at $1,868,997.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Maritza Gomez Montiel sold 7,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $77.00, for a total value of $539,000.00. Following the completion of the sale, the director now owns 5,594 shares of the company’s stock, valued at approximately $430,738. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,458 shares of company stock worth $8,286,114. 22.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Stifel Nicolaus upped 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. Barclays upped their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, March 28th. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Finally, Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $78.00.

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.