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

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.80-2.85 for the period, compared to the consensus earnings per share estimate of $2.82. The company issued revenue guidance of down 2% to flat yr/yr to ~$6.53-6.67 billion, compared to the consensus revenue estimate of $6.64 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.800-2.850 EPS.

Analyst Ratings Changes

Several analysts have commented on MKC shares. 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. Citigroup increased 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 report on Wednesday. Stifel Nicolaus boosted their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research report on Wednesday. Barclays raised their price target on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a report on Thursday. Finally, JPMorgan Chase & Co. dropped 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 report on Friday, January 26th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $76.25.

McCormick & Company, Incorporated Trading Up 1.0 %

Shares of McCormick & Company, Incorporated stock opened at $76.81 on Friday. The firm has a fifty day moving average price of $67.95 and a 200 day moving average price of $67.79. McCormick & Company, Incorporated has a 1 year low of $59.13 and a 1 year high of $94.39. The stock has a market cap of $20.60 billion, a PE ratio of 29.32, a price-to-earnings-growth ratio of 4.11 and a beta of 0.73. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.28.

McCormick & Company, Incorporated (NYSE:MKC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The company’s revenue was up 2.4% compared to the same quarter last year. Equities research analysts predict that McCormick & Company, Incorporated will post 2.83 earnings per share for the current year.

McCormick & Company, Incorporated Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, April 5th. McCormick & Company, Incorporated’s payout ratio is currently 64.12%.

Insider Activity

In other news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction that occurred on 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 approximately $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. raised its holdings in shares of McCormick & Company, Incorporated by 408.6% during the first quarter. Federated Hermes Inc. now owns 1,648 shares of the company’s stock valued at $164,000 after acquiring an additional 1,324 shares during the last quarter. UniSuper Management Pty Ltd purchased a new position in McCormick & Company, Incorporated in the 2nd quarter valued at $157,000. Belpointe Asset Management LLC boosted its stake in McCormick & Company, Incorporated by 89.8% during the 1st quarter. Belpointe Asset Management LLC now owns 1,849 shares of the company’s stock worth $154,000 after purchasing an additional 875 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of McCormick & Company, Incorporated by 16.9% during the first quarter. First Horizon Advisors Inc. now owns 1,698 shares of the company’s stock worth $141,000 after buying an additional 245 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of McCormick & Company, Incorporated during the first quarter worth $86,000. 79.74% of the stock is owned by hedge funds and other institutional investors.

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.