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

McCormick & Company, Incorporated (NYSE:MKC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.80-2.85 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

MKC has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an underweight rating on the stock in a report on Friday, January 26th. Consumer Edge cut McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a research note on Monday, January 22nd. Citigroup lifted their price target on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock 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 company a hold rating in a research note on Wednesday. Finally, Barclays boosted their target price on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an equal weight rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $76.25.

McCormick & Company, Incorporated Stock Performance

MKC opened at $76.81 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $67.95 and its 200-day moving average is $67.79. 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. McCormick & Company, Incorporated has a twelve month low of $59.13 and a twelve month high of $94.39.

McCormick & Company, Incorporated (NYSE:MKC) last posted 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. The business 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 quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. On average, analysts predict that McCormick & Company, Incorporated will post 2.83 earnings per share for the current year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date 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 company’s stock in a transaction on 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 sale, 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 this link. 22.90% of the stock is owned by insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of McCormick & Company, Incorporated by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 30,235,814 shares of the company’s stock worth $2,068,734,000 after purchasing an additional 105,272 shares in the last quarter. Moneta Group Investment Advisors LLC grew its holdings in shares of McCormick & Company, Incorporated by 92,736.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock worth $478,334,000 after acquiring an additional 5,764,492 shares during the last quarter. Geode Capital Management LLC raised 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 purchasing an additional 101,633 shares during the period. Goldman Sachs Group Inc. raised 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 purchasing an additional 730,328 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of 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 valued at $147,591,000 after purchasing an additional 282,006 shares during 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.