McCormick & Company, Incorporated (NYSE:MKC) Posts Earnings Results, Beats Estimates By $0.10 EPS

McCormick & Company, Incorporated (NYSE:MKCGet Free Report) announced its quarterly earnings data on Thursday. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10, RTT News reports. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. McCormick & Company, Incorporated had a net margin of 11.07% and a return on equity of 14.63%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 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 Up 0.5 %

MKC stock opened at $70.94 on Friday. The company has a fifty day moving average price of $72.19 and a 200 day moving average price of $70.17. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $90.83. The company has a market cap of $19.04 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 3.71 and a beta of 0.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.30.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be given a $0.42 dividend. The ex-dividend date is Monday, July 8th. This represents a $1.68 annualized dividend and a yield of 2.37%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 61.31%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Argus upgraded shares of McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a report on Tuesday, April 2nd. Barclays boosted 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, March 28th. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. TD Cowen reduced their price objective on shares of 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. Finally, Stifel Nicolaus boosted 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, March 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, McCormick & Company, Incorporated currently has an average rating of “Hold” and an average price target of $76.25.

Read Our Latest Stock Report on MKC

Insider Activity at McCormick & Company, Incorporated

In related news, Director Patricia A. Little sold 20,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the sale, the director now owns 24,732 shares in the company, valued at approximately $1,868,997.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Patricia A. Little sold 20,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $75.57, for a total value of $1,511,400.00. Following the completion of the sale, the director now owns 24,732 shares in the company, valued at approximately $1,868,997.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Erik Kurzius sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the sale, the director now owns 199,258 shares of the company’s stock, valued at approximately $14,695,277.50. The disclosure for this sale can be found here. Insiders sold a total of 104,458 shares of company stock worth $7,747,114 in the last 90 days. 22.90% of the stock is owned by insiders.

About McCormick & Company, Incorporated

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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.

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Earnings History for McCormick & Company, Incorporated (NYSE:MKC)

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