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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.80-2.85 for the period, compared to the consensus earnings per share estimate of $2.86. The company issued revenue guidance of down 2% to flat yr/yr to ~$6.53-6.67 billion, compared to the consensus revenue estimate of $6.67 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MKC. Barclays lifted their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an equal weight rating in a research report on Thursday, March 28th. Citigroup upgraded shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and upped their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. TD Cowen dropped 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 report on Monday. Stifel Nicolaus upped 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. Finally, Argus raised 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $76.25.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock opened at $67.67 on Thursday. The business’s 50 day simple moving average is $72.39 and its 200 day simple moving average is $70.14. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $93.77. The company has a market cap of $18.16 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 3.58 and a beta of 0.74. The company has a current ratio of 0.68, a quick ratio of 0.30 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Thursday, June 27th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. Sell-side analysts forecast that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be given a dividend of $0.42 per share. 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 2.48%. McCormick & Company, Incorporated’s dividend payout ratio is presently 64.12%.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 1,726 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $74.35, for a total transaction of $128,328.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other McCormick & Company, Incorporated news, insider Katherine Jenkins sold 1,726 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $74.35, for a total value of $128,328.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the director now owns 199,258 shares in the company, valued at $14,695,277.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,458 shares of company stock worth $7,747,114. 22.90% of the stock is owned by corporate insiders.

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.