McCormick & Company, Incorporated (NYSE:MKC) Issues 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 $2.93.

McCormick & Company, Incorporated Trading Down 0.1 %

Shares of MKC traded down $0.10 on Thursday, reaching $79.27. 270,539 shares of the company’s stock were exchanged, compared to its average volume of 1,925,245. McCormick & Company, Incorporated has a 12 month low of $62.10 and a 12 month high of $85.49. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $21.29 billion, a P/E ratio of 28.97, a price-to-earnings-growth ratio of 3.66 and a beta of 0.77. The business has a 50 day moving average price of $81.10 and a two-hundred day moving average price of $75.86.

McCormick & Company, Incorporated (NYSE:MKC) last posted its earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a net margin of 11.87% and a return on equity of 15.30%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the business posted $0.65 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Research analysts anticipate that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is 61.31%.

Analyst Upgrades and Downgrades

MKC has been the subject of a number of research reports. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a report on Wednesday, October 2nd. TD Cowen upped their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus lifted their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Finally, Bank of America boosted their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.57.

McCormick & Company, Incorporated Company Profile

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.