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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.800-2.850 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a report on Wednesday, March 27th. Barclays boosted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Argus raised shares of McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price objective on the stock in a report on Tuesday, April 2nd. Citigroup raised shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and boosted their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Finally, TD Cowen decreased their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a report on Monday. One investment 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. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $76.25.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $67.67 on Thursday. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 25.83, a price-to-earnings-growth ratio of 3.58 and a beta of 0.74. The company has a 50 day moving average price of $72.39 and a 200 day moving average price of $70.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $93.77.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 earnings per share. Sell-side analysts anticipate that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.48%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 64.12%.

Insiders Place Their Bets

In related news, Director Patricia A. Little sold 20,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $75.57, for a total value of $1,511,400.00. Following the sale, the director now owns 24,732 shares of the company’s stock, valued at approximately $1,868,997.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lawrence Erik Kurzius sold 80,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the transaction, the director now owns 199,258 shares in the company, valued at approximately $14,695,277.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patricia A. Little sold 20,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $75.57, for a total transaction of $1,511,400.00. Following the transaction, the director now owns 24,732 shares of the company’s stock, valued at approximately $1,868,997.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,458 shares of company stock valued at $7,747,114. Company insiders own 22.90% of the company’s stock.

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.