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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.80-2.85 for the period, compared to the consensus estimate of $2.82. 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 $6.64 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

McCormick & Company, Incorporated Stock Performance

MKC opened at $69.94 on Tuesday. The company’s 50 day moving average is $67.41 and its 200 day moving average is $67.83. The company has a market cap of $18.76 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 3.80 and a beta of 0.73. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $94.39. The company has a current ratio of 0.65, a quick ratio of 0.28 and a debt-to-equity ratio of 0.66.

McCormick & Company, Incorporated (NYSE:MKC) last released its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.22% and a return on equity of 14.55%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the previous year, the company earned $0.59 EPS. McCormick & Company, Incorporated’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts predict that McCormick & Company, Incorporated will post 2.82 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MKC shares. Barclays decreased their target price on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating on the stock in a research report on Tuesday, January 16th. Consumer Edge downgraded McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a research report on Monday, January 22nd. JPMorgan Chase & Co. decreased their price target on McCormick & Company, Incorporated from $59.00 to $57.00 and set an underweight rating for the company in a research note on Friday, January 26th. Finally, Citigroup initiated coverage on shares of McCormick & Company, Incorporated in a research note on Thursday, February 1st. They issued a sell rating and a $60.00 price target on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of Hold and a consensus target price of $74.00.

Insider Activity

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the sale, the director now owns 39,181 shares in the company, valued at approximately $2,554,601.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 22.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in McCormick & Company, Incorporated by 15.9% in the 1st quarter. American Century Companies Inc. now owns 5,072 shares of the company’s stock valued at $506,000 after purchasing an additional 696 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of McCormick & Company, Incorporated by 28.1% in the first quarter. Vontobel Holding Ltd. now owns 6,448 shares of the company’s stock valued at $627,000 after purchasing an additional 1,415 shares during the period. Sei Investments Co. boosted its holdings in McCormick & Company, Incorporated by 1.0% in the 1st quarter. Sei Investments Co. now owns 108,139 shares of the company’s stock valued at $10,803,000 after purchasing an additional 1,048 shares during the last quarter. Prudential PLC acquired a new stake in shares of McCormick & Company, Incorporated during the 1st quarter worth approximately $543,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of McCormick & Company, Incorporated during the 1st quarter valued at approximately $313,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

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.