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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.85-2.90 for the period, compared to the consensus estimate of $2.93.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. Bank of America boosted their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus raised their target price on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Finally, TD Cowen upped their price target on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $79.57.

McCormick & Company, Incorporated Stock Up 0.2 %

Shares of McCormick & Company, Incorporated stock traded up $0.19 during trading on Tuesday, reaching $78.25. The stock had a trading volume of 1,426,437 shares, compared to its average volume of 1,925,218. The company has a market capitalization of $21.02 billion, a price-to-earnings ratio of 28.24, a P/E/G ratio of 3.66 and a beta of 0.77. McCormick & Company, Incorporated has a 52 week low of $59.45 and a 52 week high of $85.49. The stock has a fifty day moving average price of $81.05 and a two-hundred day moving average price of $75.81. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The business’s revenue was down .3% on a year-over-year basis. Sell-side analysts predict that McCormick & Company, Incorporated will post 2.92 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

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.