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

McCormick & Company, Incorporated (NYSE:MKC) issued its earnings results on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the business posted $0.65 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. 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 Down 2.4 %

Shares of NYSE MKC opened at $82.06 on Thursday. 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 $22.04 billion, a price-to-earnings ratio of 29.95, 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. The stock’s 50 day simple moving average is $80.21 and its 200 day simple moving average is $75.20.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s payout ratio is 61.31%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. TD Cowen raised their price target on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Bank of America increased their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus raised their price objective on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.57.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at $14,944,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 22.90% of the company’s stock.

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.