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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.80-2.85 for the period, compared to the consensus estimate of $2.82. 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 $6.64 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MKC. Barclays reduced their price target on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating for the company in a report on Tuesday, January 16th. Consumer Edge cut McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a report on Monday, January 22nd. JPMorgan Chase & Co. reduced their price objective on McCormick & Company, Incorporated from $59.00 to $57.00 and set an underweight rating for the company in a report on Friday, January 26th. Stifel Nicolaus lifted 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. Finally, Citigroup lifted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a sell rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $75.63.

McCormick & Company, Incorporated Trading Down 1.7 %

Shares of MKC opened at $76.02 on Thursday. The stock’s 50-day moving average is $67.73 and its two-hundred day moving average is $67.74. The stock has a market cap of $20.39 billion, a PE ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $94.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.28.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Equities analysts forecast that McCormick & Company, Incorporated will post 2.82 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 64.12%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the sale, the director now owns 39,181 shares in the company, valued at $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 22.90% of the company’s stock.

Institutional Trading of McCormick & Company, Incorporated

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $44,000. ICA Group Wealth Management LLC bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $46,000. KB Financial Partners LLC bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $49,000. Milestone Investment Advisors LLC bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $52,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $59,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

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.