McCormick & Company, Incorporated (NYSE:MKC) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings results on Tuesday. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05, RTT News reports. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. McCormick & Company, Incorporated’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.59 earnings per share. 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 Performance

Shares of MKC opened at $76.02 on Thursday. The company’s 50 day moving average price is $67.73 and its 200 day moving average price is $67.74. The company has a market capitalization of $20.39 billion, a PE ratio of 29.02, a PEG ratio of 4.20 and a beta of 0.73. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $94.39. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Monday, April 8th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio is 64.12%.

Insiders Place Their Bets

In other news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total value of $326,000.00. Following the completion of the transaction, the director now owns 39,181 shares in the company, valued at approximately $2,554,601.20. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of large investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its stake in McCormick & Company, Incorporated by 15.9% in the first quarter. American Century Companies Inc. now owns 5,072 shares of the company’s stock valued at $506,000 after buying an additional 696 shares during the period. Vontobel Holding Ltd. raised its position in McCormick & Company, Incorporated by 28.1% in the 1st quarter. Vontobel Holding Ltd. now owns 6,448 shares of the company’s stock valued at $627,000 after buying an additional 1,415 shares during the last quarter. Sei Investments Co. raised its position in McCormick & Company, Incorporated by 1.0% in the 1st quarter. Sei Investments Co. now owns 108,139 shares of the company’s stock valued at $10,803,000 after buying an additional 1,048 shares during the last quarter. Prudential PLC acquired a new position in McCormick & Company, Incorporated during the first quarter worth $543,000. Finally, Sequoia Financial Advisors LLC bought a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $313,000. 79.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.