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

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) issued its earnings results on Thursday. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10, RTT News reports. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business posted $0.60 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. 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

MKC stock opened at $67.67 on Thursday. The firm has a market cap of $18.16 billion, a P/E ratio of 25.83, a price-to-earnings-growth ratio of 3.58 and a beta of 0.74. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $93.77. The stock has a 50-day simple moving average of $72.39 and a 200-day simple moving average of $70.14.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Monday, July 8th. McCormick & Company, Incorporated’s dividend payout ratio is presently 64.12%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Stifel Nicolaus raised their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, March 27th. Barclays raised 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 note on Thursday, March 28th. TD Cowen decreased their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Tuesday, April 2nd. Finally, Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price target for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, McCormick & Company, Incorporated has an average rating of “Hold” and an average price target of $76.25.

Check Out Our Latest Research Report on MKC

Insider Buying and Selling

In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at $14,695,277.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total value of $5,900,000.00. Following the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was 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. In the last ninety days, insiders have sold 104,458 shares of company stock valued at $7,747,114. Corporate insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for McCormick & Company, Incorporated (NYSE:MKC)

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