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

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings data on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the previous year, the firm earned $0.65 EPS. McCormick & Company, Incorporated’s revenue was down .3% on a year-over-year basis. 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 Down 1.7 %

Shares of MKC traded down $1.39 during midday trading on Thursday, hitting $80.65. The company had a trading volume of 523,535 shares, compared to its average volume of 1,945,580. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $85.49. The firm has a market capitalization of $21.67 billion, a P/E ratio of 29.95, a P/E/G ratio of 4.24 and a beta of 0.76. 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’s 50-day simple moving average is $80.21 and its 200-day simple moving average is $75.20.

McCormick & Company, Incorporated Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.08%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.31%.

Analyst Ratings Changes

A number of research firms have recently issued reports on MKC. TD Cowen boosted their price target on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a “hold” rating in a research note on Wednesday. Stifel Nicolaus boosted their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research report on Wednesday. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Finally, Bank of America boosted their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $79.57.

Insider Buying and Selling

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’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 completion of the transaction, the director now owns 199,258 shares in the company, valued at approximately $14,944,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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.