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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.800-2.850 for the period, compared to the consensus EPS estimate of 2.830. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.6 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Price Performance

Shares of NYSE:MKC opened at $76.02 on Thursday. 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 PE ratio of 29.02, a PEG ratio of 4.20 and a beta of 0.73. The business’s 50 day moving average is $67.73 and its 200-day moving average is $67.74. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter last year, the firm earned $0.59 EPS. McCormick & Company, Incorporated’s revenue for the quarter was up 2.4% compared to the same quarter last year. Sell-side analysts predict that McCormick & Company, Incorporated will post 2.82 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio is 64.12%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barclays decreased their price target on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating on the stock in a research note on Tuesday, January 16th. Citigroup lifted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a sell rating in a research report on Wednesday. Stifel Nicolaus lifted their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a hold rating in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on McCormick & Company, Incorporated from $59.00 to $57.00 and set an underweight rating for the company in a research report on Friday, January 26th. Finally, Consumer Edge downgraded McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a research report on Monday, January 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $75.63.

Insider Activity at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. 22.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MKC. Vanguard Group Inc. boosted its position in shares of McCormick & Company, Incorporated by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 30,235,814 shares of the company’s stock worth $2,068,734,000 after buying an additional 105,272 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of McCormick & Company, Incorporated by 92,736.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock worth $478,334,000 after buying an additional 5,764,492 shares during the period. Geode Capital Management LLC boosted its position in shares of McCormick & Company, Incorporated by 1.9% during the first quarter. Geode Capital Management LLC now owns 5,404,603 shares of the company’s stock worth $448,737,000 after buying an additional 101,633 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of McCormick & Company, Incorporated by 29.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock worth $218,276,000 after buying an additional 730,328 shares during the period. Finally, Legal & General Group Plc raised its holdings in McCormick & Company, Incorporated by 15.0% during the fourth quarter. Legal & General Group Plc now owns 2,157,139 shares of the company’s stock worth $147,591,000 after acquiring an additional 282,006 shares in the last quarter. 79.74% of the stock is owned by institutional investors and hedge funds.

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.