McCormick & Company, Incorporated (NYSE:MKC) Updates FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.850-2.900 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion.

Wall Street Analysts Forecast Growth

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

McCormick & Company, Incorporated Trading Down 1.1 %

Shares of NYSE MKC opened at $82.30 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The stock has a market capitalization of $22.11 billion, a P/E ratio of 30.04, 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 business has a fifty day moving average price of $79.85 and a 200 day moving average price of $75.04.

McCormick & Company, Incorporated Announces Dividend

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

Insider Buying and Selling

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 22.90% of the stock is currently owned by company insiders.

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.