McCormick & Company, Incorporated (NYSE:MKC) Updates FY 2022 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKCGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $2.63-$2.68 for the period, compared to the consensus earnings per share estimate of $3.04. The company issued revenue guidance of $6.32 billion-$6.44 billion, compared to the consensus revenue estimate of $6.55 billion. McCormick & Company, Incorporated also updated its Q3 2022 guidance to $0.65-$0.65 EPS.

Analysts Set New Price Targets

Several brokerages recently weighed in on MKC. TheStreet cut McCormick & Company, Incorporated from a b rating to a c+ rating in a research note on Wednesday, June 15th. Barclays reduced their price target on McCormick & Company, Incorporated from $94.00 to $82.00 and set an equal weight rating on the stock in a research note on Monday, September 12th. Deutsche Bank Aktiengesellschaft reduced their price target on McCormick & Company, Incorporated from $85.00 to $79.00 and set a hold rating on the stock in a research note on Thursday, September 8th. Finally, Argus cut McCormick & Company, Incorporated from a buy rating to a hold rating in a research note on Wednesday, July 6th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $93.25.

McCormick & Company, Incorporated Trading Down 0.1 %

McCormick & Company, Incorporated stock opened at $77.30 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.31 and a debt-to-equity ratio of 0.85. The business’s fifty day simple moving average is $85.29 and its two-hundred day simple moving average is $91.07. McCormick & Company, Incorporated has a 12 month low of $77.14 and a 12 month high of $107.35. The company has a market capitalization of $20.74 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 5.47 and a beta of 0.51.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last released its earnings results on Wednesday, June 29th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.17). McCormick & Company, Incorporated had a return on equity of 16.48% and a net margin of 10.78%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the firm posted $0.69 earnings per share. The company’s revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts predict that McCormick & Company, Incorporated will post 2.65 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, July 11th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date was Friday, July 8th. McCormick & Company, Incorporated’s payout ratio is currently 58.50%.

Insider Activity

In other news, Director Margaret M. V. Preston sold 10,580 shares of the company’s stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $84.44, for a total transaction of $893,375.20. Following the transaction, the director now directly owns 12,660 shares of the company’s stock, valued at $1,069,010.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd bought a new position in shares of McCormick & Company, Incorporated during the first quarter valued at $44,000. Federated Hermes Inc. lifted its holdings in McCormick & Company, Incorporated by 408.6% in 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 period. Fund Management at Engine No. 1 LLC bought a new position in McCormick & Company, Incorporated in the first quarter valued at about $211,000. PDT Partners LLC bought a new position in McCormick & Company, Incorporated in the second quarter valued at about $217,000. Finally, Horizon Investments LLC bought a new position in McCormick & Company, Incorporated in the first quarter valued at about $224,000. 78.09% of the stock is owned by institutional investors.

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.

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

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