McCormick & Company, Incorporated (NYSE:MKC) Releases Earnings Results, Beats Expectations By $0.05 EPS

McCormick & Company, Incorporated (NYSE:MKC) released its earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. McCormick & Company, Incorporated’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.59 EPS. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.800-2.850 EPS and its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Stock Up 1.5 %

Shares of McCormick & Company, Incorporated stock traded up $1.11 during midday trading on Thursday, hitting $77.14. The company had a trading volume of 971,364 shares, compared to its average volume of 2,140,635. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.68. The stock has a market capitalization of $20.69 billion, a P/E ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73. The company has a 50 day moving average of $67.73 and a 200 day moving average of $67.74. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $94.39.

McCormick & Company, Incorporated Announces Dividend

The business 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 2.18%. McCormick & Company, Incorporated’s payout ratio is currently 64.12%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction 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 directly owns 39,181 shares in the company, valued at approximately $2,554,601.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 22.90% of the stock is currently owned by company insiders.

Institutional Trading of McCormick & Company, Incorporated

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd bought a new position in shares of McCormick & Company, Incorporated during the 1st quarter valued at $44,000. ICA Group Wealth Management LLC bought a new position in shares of McCormick & Company, Incorporated during the 4th quarter valued at $46,000. KB Financial Partners LLC bought a new position in shares of McCormick & Company, Incorporated during the 1st quarter valued at $49,000. Milestone Investment Advisors LLC bought a new position in shares of McCormick & Company, Incorporated during the 1st quarter valued at $52,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of McCormick & Company, Incorporated during the 1st quarter valued at $59,000. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MKC. JPMorgan Chase & Co. lowered their price target on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research report on Friday, January 26th. Citigroup upped their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research report on Wednesday. Consumer Edge lowered McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Barclays upped their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus price target of $76.25.

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.