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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.85-2.90 for the period, compared to the consensus earnings per share estimate of $2.87. The company issued revenue guidance of +/-1% to ~$6.59-6.73 billion, compared to the consensus revenue estimate of $6.68 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.850-2.900 EPS.

Analyst Ratings Changes

MKC has been the topic of several research analyst reports. TD Cowen increased their price target on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a hold rating in a report on Wednesday. BNP Paribas raised McCormick & Company, Incorporated to a strong-buy rating in a report on Wednesday. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and upped their price objective for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Bank of America lifted their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a buy rating in a report on Wednesday. Finally, Stifel Nicolaus raised their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a hold rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $79.57.

McCormick & Company, Incorporated Stock Performance

Shares of McCormick & Company, Incorporated stock opened at $80.89 on Friday. The company has a 50 day moving average of $80.33 and a 200-day moving average of $75.24. The company has a market cap of $21.73 billion, a PE ratio of 29.52, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the business posted $0.65 EPS. The company’s revenue was down .3% compared to the same quarter last year. As a group, equities research analysts forecast that McCormick & Company, Incorporated will post 2.85 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors 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 2.08%. The ex-dividend date is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Activity at McCormick & Company, Incorporated

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 completion of the transaction, the director now 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 available through the SEC website. 22.90% of the stock is owned by insiders.

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.