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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 2.850-2.900 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Stock Performance

NYSE:MKC opened at $80.89 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. The stock has a 50-day simple moving average of $80.33 and a two-hundred day simple moving average of $75.24. The firm has a market capitalization of $21.73 billion, a PE ratio of 29.52, a P/E/G ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter last year, the business posted $0.65 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. Analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.08%. The ex-dividend date is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. TD Cowen lifted their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a hold rating in a report on Wednesday. Stifel Nicolaus lifted their price objective on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a hold rating in a research note on Wednesday. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and boosted their price objective for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. Bank of America raised their target price on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a buy rating in a report on Wednesday. Finally, BNP Paribas upgraded shares of McCormick & Company, Incorporated to a strong-buy rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $79.57.

Insider Activity

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