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

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

Analyst Ratings Changes

MKC has been the topic of several analyst reports. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and upped their price objective for the company from $68.00 to $69.00 in a research report on Wednesday, June 12th. Bank of America upped their price objective 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. Finally, TD Cowen lowered their price objective 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 research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $76.14.

McCormick & Company, Incorporated Price Performance

NYSE MKC opened at $82.30 on Tuesday. The business’s fifty day moving average price is $79.85 and its 200-day moving average price is $75.04. The stock has a market capitalization of $22.11 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 4.24 and a beta of 0.76. 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 has a 1-year low of $59.13 and a 1-year high of $85.49.

McCormick & Company, Incorporated Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a yield of 2.04%. McCormick & Company, Incorporated’s dividend payout ratio is currently 61.31%.

Insider Buying and Selling

In other McCormick & Company, Incorporated 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 value of $1,875,000.00. Following the completion of the sale, the director now owns 199,258 shares in the company, valued at approximately $14,944,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 22.90% of the stock is owned by insiders.

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.