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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.850-2.900 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.85-2.90 EPS.

McCormick & Company, Incorporated Stock Up 2.2 %

Shares of MKC stock opened at $84.07 on Wednesday. The stock has a market cap of $22.58 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $85.49. The stock has a fifty day moving average price of $80.05 and a 200 day moving average price of $75.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31.

McCormick & Company, Incorporated Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be given a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a yield of 2.00%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 61.31%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MKC shares. 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 report on Wednesday, June 12th. Bank of America raised their target price on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a buy rating in a research report on Tuesday, September 17th. Finally, TD Cowen reduced their target price on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $76.14.

Insider Buying and Selling at McCormick & Company, Incorporated

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 stock was sold at an average price of $75.00, for a total transaction 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 $14,944,350. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 22.90% of the company’s stock.

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.