McCormick & Company, Incorporated (NYSE:MKC) Posts Earnings Results, Beats Estimates By $0.15 EPS

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) announced its earnings results on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15, Briefing.com reports. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.850-2.900 EPS and its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Trading Down 1.4 %

Shares of McCormick & Company, Incorporated stock traded down $1.15 during trading hours on Thursday, reaching $80.89. The stock had a trading volume of 2,230,133 shares, compared to its average volume of 1,954,515. The firm has a 50 day simple moving average of $80.21 and a two-hundred day simple moving average of $75.20. The firm has a market capitalization of $21.73 billion, a price-to-earnings ratio of 29.42, a P/E/G ratio of 4.24 and a beta of 0.76. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $85.49.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.08%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The sale 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.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Stifel Nicolaus raised their price objective on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a report on Wednesday. Bank of America raised their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday. TD Cowen raised their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $79.57.

Check Out Our Latest Analysis on MKC

About McCormick & Company, Incorporated

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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.

Further Reading

Earnings History for McCormick & Company, Incorporated (NYSE:MKC)

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