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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.85-2.90 for the period, compared to the consensus earnings per share 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 Up 2.2 %

Shares of MKC stock opened at $84.07 on Wednesday. The company has a market cap of $22.58 billion, a PE ratio of 30.68, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $85.49. The stock’s 50 day simple moving average is $80.05 and its two-hundred day simple moving average is $75.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31.

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 issued a dividend of $0.42 per share. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.00%. McCormick & Company, Incorporated’s payout ratio is presently 61.31%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. TD Cowen reduced their target price on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating on the stock in a research note on Monday, June 24th. Citigroup raised shares of McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price objective for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Finally, Bank of America boosted their target price on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a buy rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $76.14.

Insiders Place Their Bets

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.