McCormick & Company, Incorporated (NYSE:MKC) Releases Quarterly Earnings Results

McCormick & Company, Incorporated (NYSE:MKC) posted its quarterly earnings results on Thursday. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10, RTT News reports. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 earnings per share. 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 Price Performance

Shares of MKC opened at $70.60 on Friday. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $92.46. The stock has a market cap of $18.95 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 3.54 and a beta of 0.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.30. The firm has a fifty day moving average price of $72.29 and a 200 day moving average price of $70.12.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be given a $0.42 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a yield of 2.38%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research note on Tuesday, April 2nd. Barclays lifted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 28th. Stifel Nicolaus lifted their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, March 27th. TD Cowen decreased 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 report on Monday. Finally, Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, McCormick & Company, Incorporated has an average rating of “Hold” and a consensus target price of $76.25.

Insider Activity at McCormick & Company, Incorporated

In other news, insider Katherine Jenkins sold 1,726 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $74.35, for a total value of $128,328.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total value of $5,900,000.00. Following the completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at $14,695,277.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Katherine Jenkins sold 1,726 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The disclosure for this sale can be found here. Insiders sold a total of 104,458 shares of company stock valued at $7,747,114 over the last ninety days. Insiders own 22.90% of the company’s stock.

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.