McCormick & Company, Incorporated (NYSE:MKC) Announces Earnings Results, Beats Estimates By $0.05 EPS

McCormick & Company, Incorporated (NYSE:MKC) issued its quarterly earnings data on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.59 earnings per share. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.800-2.850 EPS and its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Stock Performance

NYSE MKC opened at $76.02 on Thursday. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average price is $67.73 and its two-hundred day moving average price is $67.74. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $94.39. The firm has a market capitalization of $20.39 billion, a P/E ratio of 29.02, a price-to-earnings-growth ratio of 4.20 and a beta of 0.73.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 64.12%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $65.20, for a total transaction of $326,000.00. Following the sale, the director now directly owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Large investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd bought a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $44,000. ICA Group Wealth Management LLC bought a new position in shares of McCormick & Company, Incorporated in the fourth quarter valued at about $46,000. KB Financial Partners LLC bought a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $49,000. Milestone Investment Advisors LLC bought a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $52,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of McCormick & Company, Incorporated in the first quarter valued at about $59,000. 79.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MKC. Stifel Nicolaus upped their price target on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday. Barclays boosted their price objective on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday. Consumer Edge lowered shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. JPMorgan Chase & Co. cut their price objective on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research report on Friday, January 26th. Finally, Citigroup boosted their price objective on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $76.25.

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.