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

McCormick & Company, Incorporated (NYSE:MKC) issued its earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the business posted $0.59 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.800-2.850 EPS and its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Stock Down 1.7 %

Shares of NYSE:MKC opened at $76.02 on Thursday. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $94.39. The firm has a fifty day moving average of $67.73 and a 200 day moving average of $67.74. The firm has a market capitalization of $20.39 billion, a PE ratio of 29.02, a price-to-earnings-growth ratio of 4.20 and a beta of 0.73. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.68.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Stifel Nicolaus raised their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday. Barclays lifted their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday. Citigroup boosted their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research report on Wednesday. Consumer Edge lowered McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. Finally, JPMorgan Chase & Co. decreased their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research report on Friday, January 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and an average target price of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the sale, the director now directly owns 39,181 shares in the company, valued at $2,554,601.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 22.90% of the company’s stock.

Institutional Trading of McCormick & Company, Incorporated

A number of institutional investors have recently modified their holdings of the company. FIL Ltd purchased a new stake in shares of McCormick & Company, Incorporated during the fourth quarter worth about $50,733,000. Public Employees Retirement System of Ohio raised its stake in McCormick & Company, Incorporated by 2.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 105,283 shares of the company’s stock worth $7,203,000 after buying an additional 2,877 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of McCormick & Company, Incorporated by 18.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,524 shares of the company’s stock valued at $1,199,000 after purchasing an additional 2,688 shares in the last quarter. Kensington Investment Counsel LLC increased its stake in shares of McCormick & Company, Incorporated by 24.7% during the fourth quarter. Kensington Investment Counsel LLC now owns 65,881 shares of the company’s stock valued at $4,508,000 after purchasing an additional 13,049 shares in the last quarter. Finally, NFJ Investment Group LLC bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $21,407,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

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.