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

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

McCormick & Company, Incorporated Trading Down 1.1 %

Shares of McCormick & Company, Incorporated stock opened at $82.30 on Tuesday. The firm has a market cap of $22.11 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 4.24 and a beta of 0.76. The business has a 50-day moving average price of $79.85 and a 200-day moving average price of $75.04. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $85.49.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a $0.42 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.04%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and lifted their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Bank of America lifted their price target on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, September 17th. Finally, TD Cowen dropped their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a research report on Monday, June 24th. 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. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $76.14.

Insider Activity

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated 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 completion of the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.90% of the company’s stock.

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.