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

by · The Markets Daily

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15, Briefing.com reports. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 EPS. 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 Trading Down 2.4 %

Shares of NYSE MKC opened at $82.06 on Thursday. The firm’s 50 day moving average price is $80.21 and its 200-day moving average price is $75.20. 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 $22.04 billion, a PE ratio of 29.95, a P/E/G 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. Shareholders of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.05%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the sale, the director now directly 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 available at this link. 22.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MKC has been the subject of several research analyst reports. Bank of America raised their target price on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday. TD Cowen raised their price objective on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a report on Wednesday. Stifel Nicolaus increased their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Citigroup raised McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $79.57.

Read Our Latest Stock Report on McCormick & Company, Incorporated

About McCormick & Company, Incorporated

(Get Free Report)

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.

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