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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 2.800-2.850 for the period, compared to the consensus estimate of 2.830. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.6 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MKC shares. Stifel Nicolaus upped their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a hold rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price 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. Barclays boosted 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. Citigroup increased their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a sell rating in a report on Wednesday. Finally, Consumer Edge downgraded McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of Hold and an average price target of $76.25.

McCormick & Company, Incorporated Trading Up 1.0 %

Shares of MKC stock opened at $76.81 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.68. The company has a market capitalization of $20.60 billion, a price-to-earnings ratio of 29.32, a PEG ratio of 4.11 and a beta of 0.73. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $94.39. The company has a 50-day simple moving average of $67.95 and a two-hundred day simple moving average of $67.79.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the company earned $0.59 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Research analysts anticipate that McCormick & Company, Incorporated will post 2.83 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, April 5th. This represents a $1.68 dividend on an annualized basis and a yield of 2.19%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Insider Buying and Selling at McCormick & Company, Incorporated

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. SVB Wealth LLC lifted its holdings in McCormick & Company, Incorporated by 3.0% during the first quarter. SVB Wealth LLC now owns 3,937 shares of the company’s stock valued at $393,000 after purchasing an additional 114 shares during the last quarter. Wellington Management Group LLP lifted its holdings in McCormick & Company, Incorporated by 0.3% during the 1st quarter. Wellington Management Group LLP now owns 53,866 shares of the company’s stock worth $4,482,000 after purchasing an additional 148 shares in the last quarter. Kinneret Advisory LLC boosted its stake in McCormick & Company, Incorporated by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 6,880 shares of the company’s stock worth $687,000 after purchasing an additional 154 shares during the period. Buckingham Strategic Wealth LLC boosted its stake in McCormick & Company, Incorporated by 1.0% in the 4th quarter. Buckingham Strategic Wealth LLC now owns 16,968 shares of the company’s stock worth $1,161,000 after purchasing an additional 168 shares during the period. Finally, Ancora Advisors LLC grew its holdings in McCormick & Company, Incorporated by 29.8% during the 1st quarter. Ancora Advisors LLC now owns 811 shares of the company’s stock valued at $67,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.

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.