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 $2.85-2.90 for the period, compared to the consensus EPS estimate of $2.87. The company issued revenue guidance of +/-1% to ~$6.59-6.73 billion, compared to the consensus revenue estimate of $6.68 billion. McCormick & Company, Incorporated also updated its FY 2024 guidance to 2.850-2.900 EPS.

Wall Street Analyst Weigh In

Several analysts have issued reports on MKC shares. Bank of America upped their price objective on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the company a buy rating in a research note on Tuesday, September 17th. TD Cowen lowered their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a hold rating for the company in a report on Monday, June 24th. Finally, Citigroup upgraded McCormick & Company, Incorporated from a sell rating to a neutral rating and raised their price objective for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $76.14.

McCormick & Company, Incorporated Price Performance

Shares of NYSE MKC opened at $82.30 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.69 and a quick ratio of 0.31. The firm has a market capitalization of $22.11 billion, a PE ratio of 30.04, a P/E/G ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $85.49. The business’s fifty day moving average price is $79.85 and its two-hundred day moving average price is $75.04.

McCormick & Company, Incorporated Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be paid a $0.42 dividend. The ex-dividend date is Monday, October 7th. This represents a $1.68 annualized dividend and a dividend yield of 2.04%. McCormick & Company, Incorporated’s payout ratio is currently 61.31%.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $1,875,000.00. Following the sale, the director now directly owns 199,258 shares in the company, valued at approximately $14,944,350. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 22.90% of the company’s stock.

McCormick & Company, Incorporated Company Profile

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.