McCormick & Company, Incorporated (NYSE:MKC) Issues FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.800-2.850 for the period, compared to the consensus EPS estimate of 2.830. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.6 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Price Performance

Shares of McCormick & Company, Incorporated stock opened at $76.81 on Friday. The stock has a market cap of $20.60 billion, a price-to-earnings ratio of 29.32, a price-to-earnings-growth ratio of 4.11 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. The stock has a 50 day moving average price of $67.95 and a 200-day moving average price of $67.79. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $94.39.

McCormick & Company, Incorporated (NYSE:MKC) last posted its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. McCormick & Company, Incorporated’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts expect that McCormick & Company, Incorporated will post 2.83 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, April 5th. This represents a $1.68 annualized dividend and a yield of 2.19%. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Wall Street Analyst Weigh In

MKC has been the subject of several analyst reports. Barclays raised their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a research note on Thursday. Consumer Edge cut McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a report on Monday, January 22nd. Citigroup lifted their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a sell rating in a research report on Wednesday. Stifel Nicolaus upped their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $76.25.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the sale, the director now owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in shares of McCormick & Company, Incorporated during the 1st quarter valued at $44,000. ICA Group Wealth Management LLC acquired a new stake in McCormick & Company, Incorporated in the fourth quarter worth about $46,000. KB Financial Partners LLC purchased a new stake in shares of McCormick & Company, Incorporated during the first quarter worth about $49,000. Milestone Investment Advisors LLC acquired a new position in shares of McCormick & Company, Incorporated during the first quarter valued at about $52,000. Finally, Fortis Capital Advisors LLC purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $59,000. 79.74% of the stock is currently owned by institutional investors and hedge funds.

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.