McCormick & Company, Incorporated (NYSE:MKC) Announces Earnings Results, Beats Expectations By $0.10 EPS (2024)

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) announced its earnings results on Thursday. The company reported $0.69 earnings per share for the quarter, topping 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 analyst estimates of $1.63 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 down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 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.

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McCormick & Company, Incorporated Stock Performance

Shares of MKC stock traded up $2.93 on Thursday, reaching $70.60. The stock had a trading volume of 5,695,352 shares, compared to its average volume of 1,988,281. The company has a quick ratio of 0.30, a current ratio of 0.68 and a debt-to-equity ratio of 0.63. The firm's 50-day moving average is $72.29 and its two-hundred day moving average is $70.12. The firm has a market capitalization of $18.95 billion, a price-to-earnings ratio of 26.95, a P/E/G ratio of 3.58 and a beta of 0.74. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $92.46.

McCormick & Company, Incorporated Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.38%. McCormick & Company, Incorporated's payout ratio is 64.12%.

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Analyst Ratings Changes

A number of equities analysts recently weighed in on MKC shares. Argus raised shares of McCormick & Company, Incorporated from a "hold" rating to a "buy" rating and set a $88.00 target price for the company in a research note on Tuesday, April 2nd. Citigroup raised shares of McCormick & Company, Incorporated from a "sell" rating to a "neutral" rating and upped their target price for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. Stifel Nicolaus boosted their price target 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. 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 research report on Thursday, March 28th. Finally, TD Cowen cut their price target on shares of McCormick & Company, Incorporated from $75.00 to $73.00 and set a "hold" rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $76.25.

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Insider Activity

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

McCormick & Company, Incorporated Company Profile

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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.