McCormick & Company, Incorporated (NYSE:MKC) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued 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 business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $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 Up 2.2 %

Shares of NYSE MKC opened at $84.07 on Wednesday. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $85.49. The company has a market cap of $22.58 billion, a price-to-earnings ratio of 30.68, a P/E/G ratio of 4.24 and a beta of 0.76. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $80.05 and a 200-day simple moving average of $75.15.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is 61.31%.

Analyst Ratings Changes

MKC has been the topic of a number of recent analyst reports. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen cut their price target 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, Bank of America raised their target price on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, McCormick & Company, Incorporated has an average rating of “Hold” and an average price target of $76.14.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company 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.