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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.85-2.90 for the period, compared to the consensus earnings per share estimate of $2.87. The company issued revenue guidance of +/-1% to ~$6.59-6.73 billion, compared to the consensus revenue estimate of $6.68 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.850-2.900 EPS.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MKC. Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and lifted their target price for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. Bank of America upped their price target on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, September 17th. Finally, TD Cowen reduced their price objective on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $76.14.

McCormick & Company, Incorporated Stock Performance

MKC opened at $84.07 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. The stock has a market capitalization of $22.58 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 4.24 and a beta of 0.76. The company has a fifty day moving average of $80.05 and a 200 day moving average of $75.15. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $85.49.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.00%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 22.90% of the stock is 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.