McCormick & Company, Incorporated (NYSE:MKC) Releases FY24 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.80-2.85 for the period, compared to the consensus EPS estimate of $2.86. The company issued revenue guidance of down 2% to flat yr/yr to ~$6.53-6.67 billion, compared to the consensus revenue estimate of $6.67 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

McCormick & Company, Incorporated Trading Up 0.5 %

Shares of NYSE MKC opened at $70.94 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.30 and a current ratio of 0.69. The business’s 50 day moving average price is $72.19 and its 200-day moving average price is $70.15. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $90.83. The company has a market cap of $19.04 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 3.70 and a beta of 0.74.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings results on Thursday, June 27th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business posted $0.60 earnings per share. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts expect that McCormick & Company, Incorporated will post 2.84 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.42 per share. The ex-dividend date is Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.37%. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MKC shares. Barclays raised their price objective on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and raised their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Argus upgraded McCormick & Company, Incorporated from a hold rating to a buy rating and set a $88.00 price objective on the stock in a report on Tuesday, April 2nd. TD Cowen reduced their price objective on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a report on Monday, June 24th. Finally, Stifel Nicolaus raised their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Patricia A. Little sold 20,000 shares of the firm’s 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 sale, the director now owns 24,732 shares of the company’s stock, valued at approximately $1,868,997.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Patricia A. Little sold 20,000 shares of the firm’s 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 sale, the director now owns 24,732 shares of the company’s stock, valued at approximately $1,868,997.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,458 shares of company stock valued at $7,747,114. 22.90% of the stock is currently owned by corporate 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.