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

by · The Markets Daily

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.85-2.90 for the period, compared to the consensus 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.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MKC shares. TD Cowen boosted their target price on shares of McCormick & Company, Incorporated from $84.00 to $86.00 and gave the company a hold rating in a report on Wednesday. Bank of America boosted their price objective on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the company a buy rating in a research note on Wednesday. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and raised their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. BNP Paribas raised McCormick & Company, Incorporated to a strong-buy rating in a research note on Wednesday. Finally, Stifel Nicolaus raised their price objective on shares of McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a hold rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $79.57.

Read Our Latest Research Report on McCormick & Company, Incorporated

McCormick & Company, Incorporated Stock Performance

Shares of MKC stock opened at $80.89 on Friday. The firm has a market capitalization of $21.73 billion, a PE ratio of 29.52, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76. The firm has a fifty day simple moving average of $80.33 and a two-hundred day simple moving average of $75.24. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.15. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period last year, the company earned $0.65 earnings per share. The business’s revenue was down .3% on a year-over-year basis. Analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Monday, October 7th. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 61.31%.

Insider Activity

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of McCormick & Company, Incorporated 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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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