McCormick & Company, Incorporated (NYSE:MKC) Releases FY 2022 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKCGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.63-$2.68 for the period, compared to the consensus estimate of $3.04. The company issued revenue guidance of $6.32 billion-$6.44 billion, compared to the consensus revenue estimate of $6.55 billion. McCormick & Company, Incorporated also updated its Q3 2022 guidance to $0.65-$0.65 EPS.

McCormick & Company, Incorporated Trading Down 0.8 %

MKC stock traded down $0.61 during midday trading on Friday, reaching $76.06. The company’s stock had a trading volume of 6,130 shares, compared to its average volume of 1,319,033. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.31 and a current ratio of 0.74. The stock has a fifty day simple moving average of $85.18 and a two-hundred day simple moving average of $90.88. McCormick & Company, Incorporated has a 1 year low of $76.62 and a 1 year high of $107.35. The firm has a market capitalization of $20.41 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 5.47 and a beta of 0.51.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last announced its quarterly earnings results on Wednesday, June 29th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.17). The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.61 billion. McCormick & Company, Incorporated had a net margin of 10.78% and a return on equity of 16.48%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.69 EPS. On average, equities research analysts predict that McCormick & Company, Incorporated will post 2.65 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, July 11th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, July 8th. This represents a $1.48 annualized dividend and a dividend yield of 1.95%. McCormick & Company, Incorporated’s dividend payout ratio is currently 58.50%.

Analyst Ratings Changes

MKC has been the topic of several research reports. Barclays cut their price target on McCormick & Company, Incorporated from $94.00 to $82.00 and set an equal weight rating on the stock in a research note on Monday, September 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on McCormick & Company, Incorporated from $85.00 to $79.00 and set a hold rating on the stock in a research report on Thursday, September 8th. TheStreet downgraded McCormick & Company, Incorporated from a b rating to a c+ rating in a research report on Wednesday, June 15th. Finally, Argus downgraded McCormick & Company, Incorporated from a buy rating to a hold rating in a research report on Wednesday, July 6th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $93.25.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Margaret M. V. Preston sold 10,580 shares of the firm’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $84.44, for a total value of $893,375.20. Following the completion of the sale, the director now owns 12,660 shares of the company’s stock, valued at $1,069,010.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in shares of McCormick & Company, Incorporated during the first quarter worth about $44,000. Federated Hermes Inc. raised its position in McCormick & Company, Incorporated by 408.6% during the first quarter. Federated Hermes Inc. now owns 1,648 shares of the company’s stock valued at $164,000 after acquiring an additional 1,324 shares in the last quarter. Fund Management at Engine No. 1 LLC purchased a new position in McCormick & Company, Incorporated during the first quarter valued at approximately $211,000. Horizon Investments LLC purchased a new position in McCormick & Company, Incorporated during the first quarter valued at approximately $224,000. Finally, PDT Partners LLC purchased a new position in McCormick & Company, Incorporated during the second quarter valued at approximately $217,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

McCormick & Company, Incorporated Company Profile

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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.

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

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