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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.85-2.90 for the period, compared to the consensus EPS estimate of $2.93.

Analyst Upgrades and Downgrades

MKC has been the topic of a number of research reports. Bank of America lifted their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus upped their price target on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen boosted their price objective on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus price target of $79.57.

McCormick & Company, Incorporated Stock Performance

Shares of NYSE:MKC traded up $0.12 during midday trading on Tuesday, reaching $78.18. 1,380,666 shares of the company traded hands, compared to its average volume of 1,924,994. The firm’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $75.81. The firm has a market capitalization of $21.00 billion, a price-to-earnings ratio of 28.24, a price-to-earnings-growth ratio of 3.66 and a beta of 0.77. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. McCormick & Company, Incorporated has a 12 month low of $59.45 and a 12 month high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings results on Tuesday, October 1st. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the business posted $0.65 earnings per share. The company’s revenue was down .3% on a year-over-year basis. On average, equities analysts expect that McCormick & Company, Incorporated will post 2.92 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were given a dividend of $0.42 per share. The ex-dividend date was Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.15%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.31%.

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.