McCormick & Company, Incorporated (NYSE:MKC) Announces Earnings Results, Beats Estimates By $0.15 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings results on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the business posted $0.65 earnings per share. McCormick & Company, Incorporated’s revenue for the quarter was down .3% on a year-over-year basis. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.850-2.900 EPS and its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Price Performance

MKC stock traded down $1.43 during mid-day trading on Thursday, reaching $80.61. The company’s stock had a trading volume of 447,199 shares, compared to its average volume of 1,945,180. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $80.21 and its two-hundred day moving average is $75.20. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $85.49. The stock has a market cap of $21.65 billion, a PE ratio of 29.95, a P/E/G ratio of 4.24 and a beta of 0.76.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.08%. McCormick & Company, Incorporated’s dividend payout ratio is presently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 22.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MKC shares. TD Cowen upped their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a research note on Wednesday. Bank of America upped their price objective on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup upgraded shares of 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. Finally, Stifel Nicolaus upped their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $79.57.

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.