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

McCormick & Company, Incorporated (NYSE:MKC) announced its quarterly earnings results on Tuesday. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.68 by $0.15, Briefing.com reports. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The company’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the company 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 Stock Performance

NYSE:MKC opened at $84.07 on Wednesday. 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 firm has a 50-day moving average of $80.05 and a two-hundred day moving average of $75.15. The stock has a market cap of $22.58 billion, a P/E ratio of 30.68, a PEG 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.

McCormick & Company, Incorporated Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be given 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 2.00%. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Bank of America upped their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price target for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. Finally, TD Cowen cut their price target 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 analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and a consensus price target of $76.29.

Insider Buying and Selling at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares of the company’s stock, valued at approximately $14,944,350. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 22.90% of the stock is currently owned by corporate 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.