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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.80-2.85 for the period, compared to the consensus earnings per share estimate of $2.82. The company issued revenue guidance of down 2% to flat yr/yr to ~$6.53-6.67 billion, compared to the consensus revenue estimate of $6.64 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MKC. Consumer Edge downgraded McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a research note on Monday, January 22nd. Citigroup boosted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a sell rating in a research note on Wednesday. Barclays dropped their price target on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating for the company in a research note on Tuesday, January 16th. JPMorgan Chase & Co. dropped their price target on McCormick & Company, Incorporated from $59.00 to $57.00 and set an underweight rating for the company in a research note on Friday, January 26th. Finally, Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $75.63.

McCormick & Company, Incorporated Price Performance

MKC opened at $76.02 on Thursday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $94.39. The business’s fifty day simple moving average is $67.73 and its 200-day simple moving average is $67.74. The company has a market capitalization of $20.39 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 4.20 and a beta of 0.73. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company 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 company earned $0.59 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts anticipate that McCormick & Company, Incorporated will post 2.82 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio is presently 64.12%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated 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 value of $326,000.00. Following the completion of 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 this hyperlink. Corporate insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MKC. Moneta Group Investment Advisors LLC raised its stake in shares of McCormick & Company, Incorporated by 92,736.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock worth $478,334,000 after purchasing an additional 5,764,492 shares during the last quarter. Norges Bank purchased a new position in shares of McCormick & Company, Incorporated in the fourth quarter worth about $148,700,000. Holocene Advisors LP purchased a new position in McCormick & Company, Incorporated during the second quarter valued at approximately $77,091,000. FIL Ltd purchased a new position in McCormick & Company, Incorporated during the fourth quarter valued at approximately $50,733,000. Finally, Goldman Sachs Group Inc. raised its position in McCormick & Company, Incorporated by 29.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock valued at $218,276,000 after acquiring an additional 730,328 shares in the last quarter. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

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.