McCormick & Company, Incorporated (NYSE:MKC) Updates FY24 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.80-2.85 for the period, compared to the consensus estimate of $2.86. The company issued revenue guidance of down 2% to flat yr/yr to ~$6.53-6.67 billion, compared to the consensus revenue estimate of $6.67 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $70.94 on Friday. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month 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. The company has a market cap of $19.04 billion, a P/E ratio of 25.89, a PEG ratio of 3.71 and a beta of 0.74. The firm has a fifty day moving average price of $72.19 and a 200 day moving average price of $70.17.

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

McCormick & Company, Incorporated Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Patricia A. Little sold 20,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $75.57, for a total transaction of $1,511,400.00. Following the completion of the transaction, the director now directly owns 24,732 shares of the company’s stock, valued at approximately $1,868,997.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction on 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 directly owns 199,258 shares in the company, valued at $14,695,277.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Patricia A. Little sold 20,000 shares of the company’s stock in a transaction on 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 completion of the sale, the director now directly owns 24,732 shares in the company, valued at approximately $1,868,997.24. The disclosure for this sale can be found here. Insiders have sold a total of 104,458 shares of company stock worth $7,747,114 over the last ninety days. 22.90% of the stock is currently owned by company insiders.

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.