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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.85-2.90 for the period, compared to the consensus EPS estimate of $2.87. The company issued revenue guidance of +/-1% to ~$6.59-6.73 billion, compared to the consensus revenue estimate of $6.68 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.850-2.900 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and upped their price objective for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen increased their target price on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a hold rating in a report on Wednesday. Stifel Nicolaus raised their price target on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a hold rating in a research report on Wednesday. Finally, Bank of America upped their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a buy rating in a research report on Wednesday. One equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $79.57.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock opened at $82.06 on Thursday. The stock has a market cap of $22.04 billion, a P/E ratio of 29.95, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76. The company has a fifty day simple moving average of $80.21 and a 200-day simple moving average of $75.20. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.15. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 EPS. Equities analysts expect that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a dividend of $0.42 per share. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a dividend yield of 2.05%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated stock in a transaction 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 completion of the sale, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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.