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

by · The Cerbat Gem

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) posted its earnings results on Tuesday. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.15, Briefing.com reports. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the business 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

Shares of MKC stock traded down $1.15 during trading hours on Thursday, reaching $80.89. 2,423,137 shares of the company’s stock were exchanged, compared to its average volume of 1,955,525. 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 company’s 50 day moving average is $80.21 and its two-hundred day moving average is $75.20. The company has a market cap of $21.73 billion, a P/E ratio of 29.42, 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.

McCormick & Company, Incorporated Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have weighed in on MKC. Stifel Nicolaus boosted their price objective on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the company a “hold” rating in a research note on Wednesday. Bank of America upped their price target on shares of McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company 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 research report on Wednesday. Finally, Citigroup raised shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and upped their target price for the company from $68.00 to $69.00 in a report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.57.

View Our Latest Stock Analysis on McCormick & Company, Incorporated

Insider Activity at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the company’s stock in a transaction 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 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 the SEC website. Company insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Company Profile

(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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