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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

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

McCormick & Company, Incorporated Trading Up 0.5 %

MKC opened at $70.94 on Friday. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $90.83. The company has a market cap of $19.04 billion, a P/E ratio of 25.89, a PEG ratio of 3.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.30 and a current ratio of 0.69. The business’s 50-day simple moving average is $72.19 and its 200-day simple moving average is $70.15.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Thursday, June 27th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.60 EPS. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 2.84 EPS for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be paid 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 yield of 2.37%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the transaction, the director now directly owns 199,258 shares in the company, valued at approximately $14,695,277.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the transaction, the director now directly owns 199,258 shares in the company, valued at approximately $14,695,277.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Katherine Jenkins sold 2,732 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $75.91, for a total value of $207,386.12. The disclosure for this sale can be found here. Insiders have sold 104,458 shares of company stock worth $7,747,114 in the last quarter. 22.90% of the stock is owned by 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.