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

McCormick & Company, Incorporated (NYSE:MKC) announced its quarterly earnings results on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05, RTT News reports. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business 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 Down 1.7 %

MKC stock 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 stock’s fifty day simple moving average is $67.73 and its two-hundred day simple moving average is $67.74. The stock has a market cap of $20.39 billion, a P/E ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73. 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 Dividend Announcement

The company also recently announced 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 dividend yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio is currently 64.12%.

Analyst Upgrades and Downgrades

A number of analysts have commented on MKC shares. JPMorgan Chase & Co. cut their price target 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. Citigroup lifted their price target 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. Stifel Nicolaus increased their price objective 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 decreased their target price on McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 16th. Finally, Consumer Edge lowered McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, McCormick & Company, Incorporated presently has an average rating of “Hold” and an average target price of $75.63.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 22.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MKC. Moneta Group Investment Advisors LLC grew its holdings in McCormick & Company, Incorporated by 92,736.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock valued at $478,334,000 after buying an additional 5,764,492 shares in the last quarter. Norges Bank bought a new position in shares of McCormick & Company, Incorporated in the fourth quarter worth $148,700,000. Holocene Advisors LP purchased a new stake in shares of McCormick & Company, Incorporated in the second quarter worth $77,091,000. FIL Ltd bought a new stake in McCormick & Company, Incorporated during the fourth quarter valued at $50,733,000. Finally, Goldman Sachs Group Inc. boosted its stake in 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 valued at $218,276,000 after buying an additional 730,328 shares during the period. 79.74% of the stock is currently owned by hedge funds and other institutional investors.

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.