McCormick & Company, Incorporated (NYSE:MKC) Updates FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.850-2.900 for the period, compared to the consensus earnings per share estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.85-2.90 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MKC. Bank of America increased their price target on shares of McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, September 17th. Citigroup raised shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Finally, TD Cowen reduced their price target on shares of 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 analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $76.14.

McCormick & Company, Incorporated Trading Up 2.2 %

NYSE:MKC opened at $84.07 on Wednesday. The stock’s 50 day moving average price is $80.05 and its 200 day moving average price is $75.15. McCormick & Company, Incorporated has a 52 week low of $59.13 and a 52 week high of $85.49. The company has a market capitalization of $22.58 billion, a P/E ratio of 30.68, a P/E/G ratio of 4.24 and a beta of 0.76. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a yield of 2.00%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the transaction, the director now owns 199,258 shares in the company, valued at $14,944,350. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 22.90% of the stock is currently owned by corporate insiders.

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.