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

McCormick & Company, Incorporated (NYSE:MKC) announced its quarterly earnings results on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. 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 firm earned $0.65 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. 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 Stock Performance

NYSE:MKC opened at $82.06 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. The company has a market cap of $22.04 billion, a P/E ratio of 29.95, a P/E/G ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a fifty-two week low of $59.13 and a fifty-two week high of $85.49. The firm’s 50 day moving average is $80.21 and its two-hundred day moving average is $75.20.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MKC shares. Bank of America upped their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. Stifel Nicolaus upped their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a report on Wednesday. Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their price objective for the company from $68.00 to $69.00 in a research note on Wednesday, June 12th. Finally, TD Cowen upped their price objective on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $79.57.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 22.90% of the stock is currently owned by insiders.

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.