McCormick & Company, Incorporated (NYSE:MKC) Announces Quarterly Earnings Results

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. McCormick & Company, Incorporated had a net margin of 10.22% and a return on equity of 14.55%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the company earned $0.59 EPS. McCormick & Company, Incorporated’s revenue was up 2.4% on a year-over-year basis. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.800-2.850 EPS and its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Price Performance

Shares of MKC opened at $77.33 on Wednesday. The business’s 50-day moving average is $67.49 and its 200-day moving average is $67.76. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.65 and a quick ratio of 0.28. The company has a market capitalization of $20.74 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 3.80 and a beta of 0.73. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $94.39.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total transaction of $326,000.00. Following the transaction, the director now directly owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 22.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of McCormick & Company, Incorporated by 92,736.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock valued at $478,334,000 after buying an additional 5,764,492 shares during the last quarter. Norges Bank acquired a new stake in McCormick & Company, Incorporated in the fourth quarter valued at approximately $148,700,000. Holocene Advisors LP bought a new stake in McCormick & Company, Incorporated in the second quarter worth approximately $77,091,000. FIL Ltd acquired a new position in shares of McCormick & Company, Incorporated during the 4th quarter worth $50,733,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of McCormick & Company, Incorporated by 29.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock worth $218,276,000 after purchasing an additional 730,328 shares during the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MKC. Citigroup assumed coverage on shares of McCormick & Company, Incorporated in a research report on Thursday, February 1st. They issued a “sell” rating and a $60.00 price target on the stock. Consumer Edge cut McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a report on Monday, January 22nd. Barclays cut their target price on McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. decreased their price target on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research report on Friday, January 26th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and an average price target of $74.00.

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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.

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

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