McCormick & Company, Incorporated (NYSE:MKC) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

McCormick & Company, Incorporated (NYSE:MKC) released its quarterly earnings results on Tuesday. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.59 EPS. 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 Trading Down 1.7 %

NYSE:MKC opened at $76.02 on Thursday. The firm has a 50-day simple moving average of $67.73 and a 200-day simple moving average of $67.74. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $94.39. The firm has a market cap of $20.39 billion, a P/E ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.68.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 64.12%.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the sale, the director now owns 39,181 shares of the company’s stock, valued at approximately $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. grew its stake in McCormick & Company, Incorporated by 408.6% during the 1st quarter. Federated Hermes Inc. now owns 1,648 shares of the company’s stock worth $164,000 after buying an additional 1,324 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in shares of McCormick & Company, Incorporated during the second quarter worth about $157,000. Belpointe Asset Management LLC grew its stake in shares of McCormick & Company, Incorporated by 89.8% during the first quarter. Belpointe Asset Management LLC now owns 1,849 shares of the company’s stock worth $154,000 after acquiring an additional 875 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of McCormick & Company, Incorporated by 16.9% during the first quarter. First Horizon Advisors Inc. now owns 1,698 shares of the company’s stock valued at $141,000 after acquiring an additional 245 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $86,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

Wall Street Analyst Weigh In

MKC has been the subject of a number of research analyst reports. Citigroup raised their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday. Consumer Edge lowered shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. JPMorgan Chase & Co. cut their price target on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a report on Friday, January 26th. Barclays decreased their price objective on shares of McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating for the company in a report on Tuesday, January 16th. Finally, Stifel Nicolaus upped their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.63.

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.