McCormick & Company, Incorporated (NYSE:MKC) Posts Quarterly Earnings Results

McCormick & Company, Incorporated (NYSE:MKC) posted its quarterly earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. The business had revenue of $1.60 billion for 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 period in the prior year, the company posted $0.59 EPS. 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 firm’s fifty day simple moving average is $67.73 and its 200 day simple 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 has a twelve month low of $59.13 and a twelve month high of $94.39. The firm has a market capitalization of $20.39 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 4.20 and a beta of 0.73.

McCormick & Company, Incorporated Announces Dividend

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

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 transaction of $326,000.00. Following the transaction, the director now owns 39,181 shares in the company, valued at $2,554,601.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 22.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MKC. Point72 Hong Kong Ltd purchased a new position in McCormick & Company, Incorporated in the first quarter valued at about $44,000. ICA Group Wealth Management LLC bought a new stake in shares of McCormick & Company, Incorporated in the fourth quarter worth $46,000. KB Financial Partners LLC acquired a new stake in McCormick & Company, Incorporated in the first quarter valued at $49,000. Milestone Investment Advisors LLC bought a new position in McCormick & Company, Incorporated during the 1st quarter valued at $52,000. Finally, Fortis Capital Advisors LLC acquired a new position in McCormick & Company, Incorporated during the 1st quarter worth $59,000. 79.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Stifel Nicolaus increased their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday. Consumer Edge lowered shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a report on Monday, January 22nd. Barclays decreased their price target on shares of 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 upped their price objective on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $75.63.

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.