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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.800-2.850 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays raised their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an equal weight rating in a research report on Thursday, March 28th. Argus upgraded McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 target price on the stock in a research report on Tuesday, April 2nd. Stifel Nicolaus raised their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a hold rating in a research report on Wednesday, March 27th. TD Cowen lowered their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a research report on Monday. Finally, Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and lifted their price target for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $76.25.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE MKC opened at $70.60 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. The firm has a market cap of $18.95 billion, a price-to-earnings ratio of 26.95, a P/E/G ratio of 3.54 and a beta of 0.74. The business’s 50-day simple moving average is $72.29 and its 200-day simple moving average is $70.12. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $92.46.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Thursday, June 27th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 EPS. As a group, equities research analysts expect that McCormick & Company, Incorporated will post 2.84 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be given a dividend of $0.42 per share. The ex-dividend date is Monday, July 8th. This represents a $1.68 annualized dividend and a dividend yield of 2.38%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Insider Buying and Selling

In related news, insider Katherine Jenkins sold 2,732 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $75.91, for a total transaction of $207,386.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other McCormick & Company, Incorporated news, Director Patricia A. Little sold 20,000 shares of McCormick & Company, Incorporated stock in a transaction on Monday, April 1st. The stock was sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the transaction, the director now owns 24,732 shares in the company, valued at approximately $1,868,997.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Katherine Jenkins sold 2,732 shares of McCormick & Company, Incorporated stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $75.91, for a total value of $207,386.12. The disclosure for this sale can be found here. Insiders sold 104,458 shares of company stock worth $7,747,114 in the last 90 days. 22.90% of the stock is owned by company insiders.

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.