McCormick & Company, Incorporated (NYSE:MKC) Releases FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.850-2.900 for the period, compared to the consensus earnings per share estimate of 2.860. The company issued revenue guidance of $6.6 billion-$6.7 billion, compared to the consensus revenue estimate of $6.7 billion.

McCormick & Company, Incorporated Stock Down 1.1 %

McCormick & Company, Incorporated stock opened at $82.30 on Tuesday. The company has a market capitalization of $22.11 billion, a PE ratio of 30.04, a PEG ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $85.49. The firm’s fifty day moving average is $79.85 and its 200 day moving average is $75.04. The company has a quick ratio of 0.31, a current ratio of 0.69 and a debt-to-equity ratio of 0.62.

McCormick & Company, Incorporated Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Citigroup raised McCormick & Company, Incorporated from a sell rating to a neutral rating and increased their price objective for the stock from $68.00 to $69.00 in a research note on Wednesday, June 12th. TD Cowen lowered their target price on shares of 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, Bank of America boosted their target price 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $76.14.

Insider Activity at McCormick & Company, Incorporated

In other news, Director Lawrence Erik Kurzius sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total transaction of $1,875,000.00. Following the completion of the transaction, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.90% of the stock is owned by corporate insiders.

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.