McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10, RTT News reports. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. 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 Stock Up 0.5 %
MKC stock opened at $70.94 on Friday. The firm has a market cap of $19.04 billion, a PE ratio of 25.89, a P/E/G ratio of 3.70 and a beta of 0.74. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $90.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.30. The firm has a 50 day simple moving average of $72.19 and a 200 day simple moving average of $70.15.
McCormick & Company, Incorporated Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.37%. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.
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Wall Street Analyst Weigh In
MKC has been the topic of several recent research reports. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their price target for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen lowered their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research report on Tuesday, April 2nd. Stifel Nicolaus raised their price target on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, March 27th. Finally, Barclays increased their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. One investment 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. According to data from MarketBeat.com, McCormick & Company, Incorporated presently has an average rating of “Hold” and an average price target of $76.25.
Check Out Our Latest Stock Analysis on MKC
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.
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