McCormick & Company, Incorporated (NYSE:MKC) Issues Earnings Results, Beats Estimates By $0.15 EPS

McCormick & Company, Incorporated (NYSE:MKC) posted its earnings results on Tuesday. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period last year, the firm earned $0.65 EPS. The firm’s revenue was down .3% compared to the same quarter last year. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.850-2.900 EPS and its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Stock Up 2.2 %

Shares of NYSE:MKC opened at $84.07 on Wednesday. The firm has a 50 day simple moving average of $80.05 and a 200 day simple moving average of $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 debt-to-equity ratio of 0.62, a quick ratio of 0.31 and a current ratio of 0.69. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.31%.

Analyst Ratings Changes

MKC has been the topic of a number of research analyst reports. Bank of America raised their price target on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their price target for the company from $68.00 to $69.00 in a research note on Wednesday, June 12th. Finally, TD Cowen lowered their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating on the stock 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $76.14.

Insider Buying and Selling at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s 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 transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 22.90% 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.